Ailing retailer Godfreys is shutting eight stores in emergency cost-cutting after the business plunged to a monthly loss in each of February, March and April as it battles for survival in the $1.3 billion vacuum cleaner market.
An independent expert report by BDO Corporate Finance has also revealed that if turnaround plans don't gain any traction soon and profits don't improve, then the value of Godfreys' shares would be "negligible".
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Simon Evans writes on business specialising in retail, manufacturing, beverages, mining and M&A. He is based in Adelaide. Connect with Simon on Twitter. Email Simon at simon.evans@afr.com
