“Our aim is to move quickly to restructure Godfreys to preserve as much of the business and as many jobs as possible. We intend to trade the restructured store network and sell the business and assets as a going concern, with strong interest expected from prospective buyers.”
The first meeting of creditors will be held on February 9.
University of Sydney adjunct lecturer and retail consultant Gareth Jude said Godfreys had been in decline for two decades, and the company had failed to keep up with innovation.
Dyson, which has led the vacuum market, was not stocked by Godfreys for some time. The company was also slow to stock the cordless or “stick” vacuum, which has become popular with consumers.
In the meantime, Jude said,“more…
