Oct 19 (Reuters) - Godfreys Group Ltd (GFY)
- 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
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