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.”
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