Godfreys to launch an "aggressive" turnaround campaign
Written on the 27 June 2018 by David Simmons
Following an aggressive takeover of beloved vacuum cleaner retailer Godfreys (ASX: GFY) by its 99-year-old founder the company is looking to reinvigorate its brand.
The company has announced its "aggressive" advertising campaign to begin on Wednesday as the new management team begins the process to turn the group's fortunes around.
Advertisements will be run across television, print, and social media, to coincide with major discounts nationwide as the group seeks to reduce stock held in warehouses.
Managing director, John Hardy, says it is important the brand creates a buzz as the turnaround process accelerates.
"Godfreys previous advertising campaign was designed to increase the Company's profile," says Hardy.
"However, it did not reflect in sales. This one is about encouraging people back into our stores."
Hardy, who was CEO at Godfreys from 1983 to 2010 and again from 2016 to December 2017, has hinted the brand might revive its famous ad campaign where Hardy lifted a bowling bowl using the suction of a vacuum cleaner one sure to inspire nostalgia in its Australian customers.
The takeover of Godfreys by Arcade Finance is now effectively complete as Arcade holds more than 91 per cent of Godfreys shares, allow it to commence the compulsory acquisition of the remaining shares once the offer period closes on June 27.
Arcade will delist Godfreys from the ASX following the compulsory acquisition process and run it as a private company.
Shares in Godfreys are stable at $0.34 per share at 11.19am AEST.
Business News Australia
Author: David Simmons