The administrators of Godfreys have abandoned their efforts to find a buyer for the company, which had 160 stores.
In a statement, they said that despite conducting a comprehensive search, no offers had been submitted to purchase the business.
Despite the various expressions of interest that were submitted, the administrators said that they were not able to find a suitable buyer for the company.
As a result, they decided to wind down the operations of the company in New Zealand and Australia.
They also announced that 25 of the company’s head office staff members have been made redundant. The remaining staff members will be laid off by May 31.
Although the company’s stores will continue to operate in the short term, they will be informed that the closures will take place.
The administrators also stated that the company’s franchisees have been told that they will no longer be supported.
They noted that the franchised stores can still trade until March 31.
They are urged to either sell their stocks or return them to the company in order to receive a credit for the amount owed to them.
In a statement, the administrators noted that they were disappointed with the outcome of the company’s efforts to find a buyer for its business.
They said that they would now begin the process of closing the remaining stores.