The company's administrators PricewaterhouseCoopers Australia announced on Wednesday, March 20, that a phased closure of its 141 stores will take place up until May 31.

It will result in four job losses for the company-owned store at the East Albury homemaker centre, while the Wangaratta store on Parfitt Road, operated by a sole franchisee, has been ordered to close by March 31.

PwC Australia partner Craig Crosbie said 55 expressions of interest and six indicative offers were received in the search for a buyer for the 93-year-old business, but had since been withdrawn or were not enough to secure its longer-term future.

"This is not the outcome Godfreys had hoped for following a rigorous process to find a purchaser for the business that could keep the store network trading," he said.

"In the absence of any further bidders coming forward as intermittent trading continues, the process of closing all remaining stores will progress over the next eight weeks.

"We recognise this is a difficult time for staff, franchisees, and other stakeholders, and we will continue to work closely with all parties to ensure they are informed and supported over the coming weeks."

Twenty-five head office staff were made redundant on Wednesday and the remaining staff will be progressively let go as stores close.

Godfreys had more than 600 staff across Australia and New Zealand when it entered voluntary administration at the end of January, which resulted in 54 store closures and 193 layoffs.

Meanwhile, the Harvey Norman Flooring store that neighbours Godfreys in East Albury has also suddenly closed.

The Border Mail understands the outlet's four staff, as well as contracted carpet installers, were informed on Friday, March 15.

Signage on the store's front window on Thursday, March 21, read: "Harvey Norman Flooring store closed due to relocation."

"Harvey Norman Holdings doesn't comment on the employment decisions taken by individual franchisees," a Harvey Norman spokesperson said.

- with Australian Associated Press