In a statement, administrators from PwC said that “after conducting a comprehensive process to identify a purchaser for the business” there were “no viable offers to take the business forward”.
“This is not the outcome Godfreys had hoped for following a rigorous process to find a purchaser for the business that could keep the store network trading,” Administrator and PwC Australia Partner Craig Crosbie said.
“In the absence of any further bidders coming forward as intermittent trading continues, the process of closing all remaining stores will progress over the next eight weeks.
“We recognise this is a difficult time for staff, franchisees, and other stakeholders, and we will continue to work closely with all parties to ensure they are informed and supported over the coming weeks.”
All Godfrey stores are expected to wind up operations by May 31.
Prior to appointing administrators, the Godfrey Group employed around 600 staff…