Godfreys, which first opened in Melbourne in 1931, entered voluntary administration in January 2024.

"With interested parties withdrawing and no satisfactory bids to acquire the Godfreys store network yet received, the administrators have no other option but to commence a progressive wind-down of Godfreys' operations in Australia and New Zealand," administrators said.

PricewaterhouseCoopers' (PwC) Craig Crosbie, Robert Ditrich and Daniel Walley were appointed as voluntary administrators in January.

Mr Crosbie was confident the business would sell saying there was "strong interest expected from prospective buyers" after the January announcement.

However, on March 20 the administrators confirmed "no viable offers to take the business forward as a going concern have been submitted".

"Godfreys' staff have now been informed that a phased closure of all stores will be initiated between now and May 31, 2024, unfortunately affecting their ongoing employment," a statement from the administrators read.

"This includes having to make 25 head office staff in Australia redundant as of today.

"Godfreys stores will continue to trade on an interim basis to provide a reasonable period for the clearance of existing stock, after which stores will be notified that closures will take effect."

The business underwent immediate restructuring in January with 54 stores earmarked to close within two weeks of PwC taking the reins.

At the time of voluntary administration, Godfreys owned 141 shops and employed more than 600 people across Australia and New Zealand.

A further 28 stores were run by franchisees.

"Franchisees have been informed that Godfreys can no longer support them from today," the administrator's statement said.

"Franchised stores can trade until March 31, 2024 to realise the value of existing stock or alternatively return stock sold to them during the administration period to receive a credit on amounts owed to Godfreys.

"The administrators anticipate that some of the Godfreys franchisees will aim to continue to operate their retail businesses into the future, albeit under different brands."