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Administrators have already shut 54 stores and axed nearly 200 jobs after taking over the business in late January.
The vacuum retailer was founded in 1931 during the Great Depression and became renowned around the country for its memorable advertisements.
Over the years, however, Godfreys failed to keep up with innovation, missing out on the “stick” or cordless vacuum trend, where retailers such and Harvey Norman and Bing Lee captured market share.
It also opened too many stores too quickly, which led to the retail chain becoming saddled with debt over the years. The company also suffered from several changes to its company structure and leadership.
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