Godfreys Announces Shutdown After Failed Sale Attempt

Mike Sanford

Mar 22, 2024 - 1 min read

No buyers found for Godfreys, leading to shutdown in Australia and New Zealand.
Closure of all stores by 31 May 2024 affects employees and includes 25 immediate job cuts at the head office.
Despite 55 interests and six potential offers, the business couldn’t find a suitable deal.

Godfreys, a well-known group of companies, is closing down in Australia and New Zealand after failing to secure a buyer. The comprehensive search ended with no viable offers, forcing the business to shut down operations and start closing stores by the end of May 2024.

This decision affects numerous employees and has already resulted in the loss of 25 jobs at the Australian head office.

The company will keep its doors open temporarily to sell off existing stock. They are inviting potential buyers for any remaining products. Franchisees have been cut off from support but can operate until the end of March 2024 to sell their stock or return it for credit.

The Administrators, including Stephen White from PwC New Zealand, shared their disappointment over not finding a buyer and highlighted the difficult situation for everyone involved.

Despite receiving interest from 55 parties and six preliminary offers, none were strong enough to save Godfreys. The company will now focus on closing all its stores over the next two months.