Godfreys Group and its Australian subsidiaries - Voluntary Administration

Godfreys Group and its Australian subsidiaries, a major vacuum cleaner retail chain, entered voluntary administration on 30 January.

Craig Crosbie, Robert Ditrich and Daniel Walley of PwC were appointed joint administrators and said that lower customer demand amid cost of living pressures, higher operating costs, and increased competition have all taken a toll on profitability. They will continue to trade the business while undertaking an immediate operational restructure and sale process.

As a result of the restructure, it is anticipated that 54 stores will be closed within the next 14 days, affecting the employment of approximately 193 staff (171 in Australia and 22 in New Zealand).