Warrnambool Godfreys to close for good after failure to find buyer

The retail chain will close permanently by the end of May, 2024.

Administrators announced in late January 54 stores across the state would close but Warrnambool had been spared.

A spokesman for the administrators said the city's store, which is on Raglan Parade, was not on the list of store closures.

But on March 20, 2024 it was confirmed all 141 stores were shutting up shop.

It is not yet known when the Warrnambool store will actually close its doors.

Administrators from PricewaterhouseCoopers (PwC) had been searching for a buyer for the business after it was placed into voluntary administration on January 30. They received 55 expressions of interest and six indicative offers had been made.

In a statement administrators said Godfreys' staff had been informed that a phased closure of all stores would be initiated between now and May 31, "unfortunately affecting their ongoing employment".

"This includes having to make 25 head office staff redundant as of today," the statement said.

"Godfreys stores will continue to trade on an interim basis to provide a reasonable period for the clearance of existing stock, after which stores will be notified that closures will take effect."

Administrator and PwC Australia partner Craig Crosbie said the expressions of interests and indicative offers had either been withdrawn or were insufficient in securing the business' longer-term future.

"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. 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," he said.

"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."

It came after retail store Rivers, which was previously located at the Warrnambool Homemaker Centre, vanished on March 22, 2024.

The Standard attempted to contact the store, as well as its parent company Mosaic Brands, but did not receive a response.

Mosaic Brands also owns Katies which shut its Gateway Plaza store in June 2023, after moving from Liebig Street to the Raglan Parade location four years earlier.

The fashion retail group announced it would close 250 stores in 2021.

Mosaic Brands owns Rockmans, Katies, Autograph, W-Lane, Crossroads, Beme, Millers and Noni B. At the time managing director Scott Evans said the company had already closed 73 stores but more would go.