Ailing retailer Godfreys has warned of an alarming 27 per cent tumble in sales in the past two weeks as it revealed a hefty profit downgrade of at least 30 per cent after a disastrous switch in its television advertising approach away from discount sales.

The vacuum cleaner retailer's plight may also worsen again if the bleak trading patterns continue, and its board on Wednesday urged shareholders to accept a takeover bid from 99-year-old major shareholder John Johnston. He did own 28 per cent of the company, but by mid-afternoon that had advanced to 29.2 per cent.