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.”

 

Comments

Comment Manually

Yop Polls

Easter trading
Should retailers be allowed to open on Easter Sunday?

Twitter

The purchasing habits of millennials are driving product choices at Countdown, from kombucha to roasted seaweed. https://t.co/bDubwiMN6J

18 hours ago

Only 50 per cent of NZ businesses say they are ready to face cyber security threats. https://t.co/me7O5WA3Kf

23 hours ago

Coffee retailer Nespresso opens new concept store in Sydney amid international expansion plans. https://t.co/VxqWmPQXoj

2 days ago
x

SUBSCRIBE
FREE NEWS BRIEFS Get breaking news delivered