Curious case of the educational retailer closure

GEELONG’S Curious Planet store is one of 63 across the country set to close within the next two months unless a lastminute buyer can be found.

Eleven staff are employed at the business, which has been based at the CBD’s Westfield shopping centre for the past 12 years.

Business owner The University Co-operative Bookshop Ltd, more commonly known as Co-op Bookshop, appointed administrators Phil Carter, Andrew Scott and Daniel Walley, of PricewaterhouseCoopers several months ago with about $15 million of debts on the books.

In addition to the firm’s university bookshop arm, it owns 63 Curious Planet stores across the country.

The educational retailer was previously known as Australian Geographic and My Geographic.

The administrators had been seeking a buyer to take over that section of the business, but on Monday indicated that was no longer an option.

A statement revealed “no viable offers” had been received after a “comprehensive sale campaign”.

As a result, staff have “regrettably been informed” that the progressive closure of the Curious Planet store network will take place “over the next six to eight weeks”, it said.

“While we remain open to offers from potential purchasers, we have no option at this time but to commence the orderly closure of the stores,” Mr Scott said.

“We have continued to trade the Curious Planet stores during the Christmas shopping season and intend to keep the stores open in the immediate term to ensure that consumers have the opportunity to purchase discounted items currently on sale.”