Godfreys, an Australian retail chain selling vacuum cleaners, will permanently shut its doors at the end of May after the administrators failed to find a suitable buyer for the firm.
The retailer was placed into administration at the end of January after the retailer's collapse due to decreased sales caused by cost of living pressures and the difficult economic operating environment.
At its height, Godfreys had over 220 stores spread out over Australia and New Zealand, solidifying its position as one of the world's leading vacuum cleaner merchant since its founding in 1931.
Godfreys Set to Shut All Stores
According to administrators appointed to manage Godfreys, all 141 of the company's shops in Australia and New Zealand will permanently shut by May 31. This news was announced on Wednesday afternoon, March 20.
After the company was put into voluntary administration on January 30, PricewaterhouseCoopers (PwC) administrators began looking for a buyer. Six preliminary bids were made after 55 people expressed interest. However, none of the proposals made for the store were deemed "viable" after the efforts.
"With interested parties withdrawing and no satisfactory bids to acquire Godfreys store network yet received, the administrators have no other option but to commence a progressive wind-down of Godfreys' operations in Australia and New Zealand," the company said in a press release.
Earlier this year, News.com.au was the first to report on Godfrey's demise.
Over 600 Jobs Lost
The business is now facing a dismal conclusion, according to administrator Craig Crosbie.
"This is not the outcome Godfreys had hoped for following a rigorous process," he said. "We recognise this is a difficult time for staff, franchisees, and other stakeholders, and we will continue to work closely with all parties to ensure they are informed and supported over the coming weeks."
According to ABC News, more than 600 jobs, including 25 at the headquarters, will be lost as a consequence of the decision to liquidate Godfreys.
By mid-February, 193 employees had already lost their jobs and 54 stores had closed due to the reorganization that had begun since administrators were appointed in January.
Godfreys will be closing its locations in stages until May 31. Meanwhile, they will be able to sell any inventory that is still in stock.
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