Leading Aussie vacuum retailer Godfreys Group has collapsed less than two months after it entered voluntary administration, with an estimated 193 jobs expected to be axed.
Godfreys Group today announced it will commence "a progressive wind-down of operations" in Australia and New Zealand after administrators were unable to find a new buyer.
In a statement, administrators from PwC said that "after conducting a comprehensive process to identify a purchaser for the business" there were "no viable offers to take the business forward".
"This is not the outcome Godfreys had hoped for following a rigorous process to find a purchaser for the business that could keep the store network trading," Administrator and PwC Australia Partner Craig Crosbie said.
"In the absence of any further bidders coming forward as intermittent trading continues, the process of closing all remaining stores will progress over the next eight weeks.
"We recognise this is a difficult time for staff, franchisees, and other stakeholders, and we will continue to work closely with all parties to ensure they are informed and supported over the coming weeks."
All Godfrey stores are expected to wind up operations by May 31.
Prior to appointing administrators, the Godfrey Group employed around 600 staff across 141 stores with an additional 28 operated by franchisees.
Employees were notified phased store closures would begin from today, "unfortunately affecting their ongoing employment", according to the company.
At least 25 staff employed at the retailer's head office were made redundant, while franchisees were told "Godfreys can no longer support them".
It comes less than one month after administrators said "multiple leading retail brands and investment groups" had shown significant interest in buying the brand.
Australia's beloved shops through the years
Potential buyers had until February 27 to make an offer but administrators were faced with interested parties withdrawing and received "no satisfactory bids".
During the phased closures Godfreys will operate on an interim basis "to provide a reasonable period for the clearance of existing stock".
Franchised stores have until March 31 to sell existing stock or return stock sold to them during the administration period to receive a credit on amounts owed to Godfreys.
Godfreys was founded in 1931 and went on to become one of the world's largest vacuum retailers and a leading floor care and cleaning product supplier in Australia and New Zealand.
FOLLOW US ON WHATSAPP HERE: Stay across all the latest in breaking news, celebrity and sport via our WhatsApp channel. No comments, no algorithm and nobody can see your private details.
