Godfreys founder John Johnston has enough shares now to compulsorily hoover up the rest.
He first launched Godfreys with Godfrey Cohen more than eight decades ago,before it was snapped up by private equity investors CCMP Capital Asia and Pacific Equity Partners (PEP) for around $300 million in 2006.
In May,the 99-year-old won over two major shareholders who agreed to sell their stakes to him after he increased his bid for the struggling company to $13.7 million,from $13.1 million.
Arcade Finance has now secured 91.21 per cent of the company's shares and will proceed with the compulsory acquisition of the remaining shares.
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Since listing in 2014 with an issue price of $2.75,Godfreys has been plagued by falling sales,multiple changes of senior management,and a sustained slide in share price to an all-time low of 21 cents in April.
In May,Godfreys blamed its television ads for a big dive in sales that has forced the vacuum cleaner retailer to cut its full-year earnings guidance for the second time in two weeks.