Godfreys suspends stock trading

Godfreys-WyndamTrading of Godfreys stock will be suspended at the close of business Friday, 6th July, with the company officially exiting the ASX at the close of businesses the following Wednesday, 11th.

The move has been on the horizon for some time, with co-founder John Johnson having planned to take the business off the ASX with the intention to run it as a private company.

Arcade Finance, Johnson’s takeover vehicle, at last notice held 93.27 per cent of the issued share capital of Godfreys; though it is likely this number has increased due to the compulsory acquisition of the company’s remaining shares.

It is unclear what this decision could mean for the company’s board, who could be facing a reorganisation by Johnson moving forward, or for the turnaround campaign currently being undertaken by Godfreys.

Managing director John Hardy noted it was vital to generate excitement among consumers as the turnaround process gathered pace.

“Godfreys main challenge is to continue to put themselves back into the consumers’ mind as the leading destination for vacuum cleaners.

“The retailer has to not only bring new and innovative models into their storefront, but also utilise effective marketing to better promote their product ranges in their bid to regain foot traffic.”

Access exclusive analysis, locked news and reports with Inside Retail Weekly. Subscribe today and get our premium print publication delivered to your door every week.

Comments

Comment Manually

I have read and agree to the Terms and Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Inside Retail Polls

Do you plan to participate in Halloween this year?
Vote

Twitter

Do you enjoy receiving our daily Newsbriefs, weekly publications, quarterly magazines and attending our Academy eve… https://t.co/JdcO4xcwOH

2 weeks ago

Know an outstanding retailer supplier? Nominate them for the 2020 Retailer Awards: https://t.co/HsvxfGp6aK #RA20https://t.co/FsSnykknRF

4 weeks ago

Do you know any retailer with exceptional customer experience? Nominate them at 2020 Retailer Awards:… https://t.co/Tc3DDjJbFV

4 weeks ago
x

SUBSCRIBE
FREE NEWS BRIEFS Get breaking news delivered