Tag: GFY

Retailer Godfreys has warned of a looming serious cash flow squeeze early next month as a takeover for the struggling vacuum cleaner group moves towards completion.

Vacuum cleaner chain Godfreys threw in the towel yesterday in desperation and told shareholders to take the money and run after revealing a nasty 27% slide in sales in the past fortnight.

Godfreys Group shares jumped nearly 43% to 30 cents yesterday after investors noted the mop up bid (a ‘charity offer’?) if the embattled company’s biggest shareholder, John Johnson, the 99 year old co-founder of the vacuum cleaner retailer.

Ironic? The shares in Godfreys, the embattled vacuum cleaner retailer closed at an all time low of 21 cents on Monday at 4pm, and an hour and 17 minutes later the 99-year-old co-founder and still major shareholder revealed plans to make a takeover bid for the entire company and take it private.

Whoosh, down went shares in vacuum cleaner retailer Godfreys to new record lows yesterday on yet another round of bad news.

Confession time (the month of May and early June for June 30 balancing companies) saw another penitent come forward yesterday – and old stager from the past year in vacuum cleaner chain Godfrey’s which warned that a continuing fall in sales could see full-year earnings landing at the lower end of its forecasts.

Shares in vacuum cleaner retailer Godfreys (GFY) took a hit yesterday after the company issued a statement announcing the surprise resignation of CEO Kathy Cocovski just five months in the job.