EXCLUSIVE: JV Store Managers At The Good Guys Offered $200K Contracts To Stay
ChannelNews has been told that management from Steinhoff International are currently conducting due diligence at the mass retailer.
Shortly after this story was posted a Good Guys executive contected ChannelNews claiming “The Good Guys is not subject to a buyout by Steinhoff
International. Furthermore, The Good Guys has not made any offers to joint
venture partners to stay with the business following the transition”.
ChannelNews had been told that the Good Guys CEO Michael Ford and Chairman Andrew Muir have written to share owners at the Companies 57 joint venture stores offering the dealer principle a $200,000 a year base salary plus bonuses to stay with The Good Guys for a minimum of two years.
Currently there are 43 corporately owned and 57 stores are currently managed under a joint venture partner model.
The owners of these joint venture stores have been offered a buyout plus a $200K a year contract to stay with the business when it transitions to new owners.
Neither The Good Guys or Steinhoff International management have denied that the Australian retailer is subject to a $900-Million-dollar buyout.
Both Andrew Muir and Michael Ford who is originally from Rhodesia now called Zimbabwe are believed to have spent the last few weeks meeting with South African management from of Steinhoff International Holdings.