Australia’s biggest university campus retailer, the Co-Op, has bought the Australian Geographic Retail chain from the Myer family.

The Co-Op, who have 64 stores across Australia, announced this afternoon that it had bought the business.

It means that all 66 Australian Geographic stores will remain open for now.

It was reported last month that the Myer family were ready to close all of the stores by March last year unless they could find a buyer.

In a statement, outgoing Myer Family Investments chief executive Peter Hodson said “We welcome the Co-op’s acquisition of Australian Geographic Retail in what marks a very positive story for the retail industry”.

“We look forward to seeing the brand continue and are grateful for the support over the years from Australian Geographic Retail’s customers, suppliers and staff.”

The deal will be completed by September 5.