The Australian Geographic retail chain is set to disappear within the next year unless a new owner is found for the loss-making venture.

The 67 stores which specialise in educational toys, scientific gadgets, globes and telescopes was once generating close to $50 million in sales a year but have been hit hard by competition and online retailers.

Melbourne's Myer family, which founded the department store of the same name, has owned Australian Geographic since 2007 through its investment vehicle but has decided to exit the venture, according to the Australian Financial Review.

The family has offered the business to potential buyers without success, the AFR reports, leading to plans for it to be wound down. Negotiations for lease take-overs have reportedly suggested a March 2017 deadline.