Godfreys enjoyed a very long run of retail success, but has been knocked over by significant structural change in the industry.

It faced added competition from new and savvy entrants -- JB Hi Fi, Kogan, Amazon etc -- and missed the shift to 'stick vacs', most notably the uber popular Dyson brand which has captured huge market share.

With new management in place, a turn around isnt impossible -- but not far from it. The company is facing a near term liquidity crisis and is expecting further drop in profits. 

A deep value play, if it even remains on public markets. There's a takeover bid in play at 32c per share, with 80% acceptance. Best to stay away.