An iconic Australian retailer known for its vacuum cleaners has collapsed into administration, with nearly 200 expected to be out of a job. Godfreys Group on Tuesday appointed voluntary administrators, citing cost-of-living pressures and inflation as the causes of its downfall. Craig Crosbie, Robert Ditrich and Daniel Walley from PwC Australia have been appointed as…
Vacuum cleaner retail chain Godfreys has collapsed, with cost of living pressures blamed for fewer sales and contributing to a “challenging economic and operating environment” for the business to remain viable. Key points: Godfreys has entered voluntary administration while looking for a potential buyer for the vacuum cleaner retailer The business has struggled with maintaining…
Leading Aussie vacuum retailer Godfreys Group has entered voluntary administration, affecting the employment of approximately 193 staff across Australia and New Zealand. Godfreys Group announced today that it had made “the difficult decision” to appoint voluntary administrators after almost 90 years in business. “Sadly, like many retailers, we have been heavily impacted by consumer confidence…
A major Australian retailer has gone into voluntary administration with expectations 193 people will lose their jobs and 54 stores will close. On Tuesday afternoon, Godfreys Group appointed voluntary administrators. Craig Crosbie, Robert Ditrich and Daniel Walley of the restructuring arm of PwC Australia are running the restructuring attempt. They said that Godfreys Group Pty…
Rugby Australia is working with the debt-ridden Melbourne Rebels to ensure they field a team in this year’s Super Rugby Pacific competition but has offered no guarantees beyond that. Key points: Embattled Super Rugby club Melbourne Rebels have entered voluntary administration just a month before the season kicks off The Rebels are believed to be…
In short: After going into voluntary administration last October, dessert manufacturer Sara Lee is being sold. The company will be bought by the same family that bought Darrell Lea from administration in 2012. What’s next? The sale is expected to be made final in the coming weeks. Dessert manufacturer Sara Lee is being sold after it went…
Updated Jan 29, 2024 6.32pm, first published at 2.13pm Tokyo | China Evergrande Group, the property developer at the centre of Chinas real estate crisis, will be broken up and liquidated under a Hong Kong court order, in a move which has sent shockwaves through the countrys financial system and could ultimately weaken demand for…
The Supreme Court has held that the imposition of moratorium under Section 14 of the Insolvency and Bankruptcy Code, 2016 (IBC) has no effect on the execution of a decree against the Directors or Officers of the Company (Corporate Debtor), which is undergoing Corporate Insolvency Resolution Process (CIRP) under IBC. When the Company was admitted…
Byju’s Parent Company TLPL Plans USD 200 Million Rights Issue For Operational Sustainability | Image: Byju’s (Representative) Think and Learn Private Limited (TLPL), the parent company of Byju’s, on Monday announced to raise USD 200 million by way of a rights issue to all its equity shareholders, in its bid to achieve operational sustainability. The…
A Hong Kong court has ordered one of China’s biggest property developers, Evergrande Group, to liquidate after it was unable to reach a restructuring deal with creditors over hundreds of billions of dollars it owes. Key points: Evergrande has been ordered to liquidate after failing to come up with a restructuring deal with creditors over US$300 billion…