Poor Christmas sales for Australia’s retailers could actually help Oroton’s new owners, led by fund manager Will Vicars, as they prepare for a fight with some of Australia’s biggest landlords.
Mr Vicars, the chief investment officer at Caledonia, signed a deal with Oroton’s administrators on December 23 to rescue the business, which collapsed in November.
His camp is determined to keep Oroton’s 59 stores open, but landlords must come to the table and agree to reduce its lease costs so its rents are sustainable.
While a tough Christmas wouldn’t make life any easier for Oroton, the Vicars camp believes landlords will have little choice but to give ground on rent levels given the pain among retailers.
Retail insiders say a…
Read the full article at: http://www.afr.com/business/retail/tough-christmas-could-help-oroton-in-rent-fight-20171228-h0axfs
