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BRIEF-Godfreys Group Ltd announces restructuring

Published 19/10/2016, 10:00 am
© Reuters.  BRIEF-Godfreys Group Ltd announces restructuring
GFY
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Oct 19 (Reuters) - Godfreys Group Ltd GFY.AX

* restructuring costs of up to $2.0 million in fy17

* godfreys to rebalance store portfolio to embrace a franchise-led model

* up to 60 corporate stores to be converted to franchise stores over 3 years

* cash generated from this restructure will be used to reduce debt and pay dividends

* underlying earnings guidance for fy 2017 of sales $180 m - $182 m

* oard will also conduct an assessment of carrying value of intangible assets as a result of strategic review.

* conversion of approximately 18 company stores to franchise stores in fy17 will deliver immediate cash flow benefits Source text for Eikon: ID:nASX4Qy4MD Further company coverage: GFY.AX

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