Insolvency Guardian Media Centre
“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…
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The fight against the climate emergency is being hampered by a debt crisis that involves the world’s poorest countries paying more than 12 times as much to their creditors as they are spending on measures to tackle the impact of global heating, a campaign group has warned.
As the Cop28 meeting opened in the United Arab Emirates, Development Finance International (DFI) said a new round of comprehensive and deep debt cancellation was needed to free up much-needed investment in climate emergency adaptation.
A study of spending in 42 countries by DFI found debt service payments represented 32.7% of the budget in 2023 on average, while responding to the climate crisis stood at 2.5%.
Indonesia, the world’s fourth most populous country, plans…
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