Annual profit for the local alcohol giant fell more than 73%.
The iconic retailer has reached a fork in the road as staff consultation continues.
Staff at the retail group are said to be preparing for company-wide job losses.
The sale brings New Zealand brands Church Road, Stoneleigh, and Brancott Estate together with Mud House.
The Kiwi pet food business has also gained a prominent ex-Movac partner as a director.
Kea Outdoors recently closed its first equity raise to fuel growth in a ‘neglected’ category.
A prolonged and deep downturn could have some bright spots emerging, but analysts say it’s still too early for a recovery timeframe.
However, the vacuum and floor cleaning company expects to be able to pay some creditors.
The 74-year-old New Zealand company will contribute to an expected $100 million group revenue for 2024.
Best deal administrators could get sees Godfrey's assets bought by owner's other company and employees' full entitlements paid.