Godfreys future uncertain

Godfreys future uncertain

The future of a Mount Gambier retailer remains unclear with its parent company entering administration on Tuesday.

The Godfreys Group, which has a store in Mount Gambier’s Commercial Street, announced on Tuesday it had appointed voluntary administrators.

There are 141 Godfreys stores across Australia and New Zealand, plus a further 28 franchise stores, with a total of 600 staff employed by Godfreys.

It has been reported that Godfreys expects to shut down 54 stores in the next fortnight, with 171 staff earmarked to lose their job in Australia and another 22 in New Zealand.

PwC has been appointed as the company’s administrators in both countries, with the first creditors meeting to be held next week.

PwC’s Craig Crosbie, Robert Ditrich and Daniel Walley are running the restructuring attempt and confirmed that Godfreys Group Pty Ltd and its subsidiaries in Australia and New Zealand will continue to operate.

It is understood the administrators are working with the company to endeavour to save as many stores and jobs as possible by trading the restructured store network and selling the business and assets as a “going concern”.

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