Vacuum retailer chain Godfreys will soon shutter all of its stores across New Zealand and Australia as administrators say no "viable" buyer could be found.
A phased closure of the Godfreys-branded stores will take place between now and May 31, according to administrators PricewaterhouseCoopers (PwC).
Stores would continue to trade on an "interim basis" in clearance mode for existing stock. Five company-owned shops in New Zealand have already been closed.
The 90-year-old business operated 141 stores and employed more than 600 staff across all of its stores, with an additional 28 stores run by franchisees.
A PwC spokesperson said "administrators have no other option but to commence a progressive wind-down of Godfreys’ operations in Australia and New Zealand."
"No viable offers to take the business forward as a going concern have been submitted."
Administrator Craig Crosbie said 55 expressions of interest and six indicative offers were received during the sale process. However these were either "since withdrawn or not sufficient in securing the business’ longer-term future".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," he 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."
In New Zealand, the company has 16 company-operated and nine franchised stores.
"The administrators anticipate that some of the Godfreys franchisees will aim to continue to operate their retail businesses into the future — albeit under different brands," a PwC spokesperson said.
"Franchisees have been informed that Godfreys can no longer support them from today.
"Franchised stores can trade until March 31 to realise the value of existing stock or alternatively return stock sold to them during the administration period to receive a credit on amounts owed to Godfreys."
The chain currently held the exclusive licence to distribute brands such as Hoover, Wertheim, Vorwerk floorcare range, Pullman and Sauber cleaning products.
PwC administrator of the chain's New Zealand entity Stephen White said: "We have worked closely with the Australian administrators and Godfreys group management to find a buyer and are saddened this has not happened.
"We recognise this is a difficult time for staff, franchisees, and stakeholders, and will continue to work closely with all parties to ensure they are kept informed of progress and supported over the coming weeks."
Twenty-five head office staff in Australia have also been made redundant as of today.
Stores in Paraparaumu, Porirua, Nelson, Hamilton Central, and New Plymouth had already been closed by administrators last month.
Godfreys, established in 1931, had been one of the world's largest vacuum retailers and one of Australia and New Zealand's leading suppliers for specialty commercial floor care and associated cleaning products.
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