IT seemed luxury Aussie handbag retailer Oroton was doomed last month after it went into voluntary administration.
Today, it has risen from the ashes following a takeover bid from a major shareholder.
Caledonia Funds Management chief investment officer Will Vicars, who owns 18 per cent of the 79-year-old companys ASX-listed shares, will buy the brand from administrators Deloitte.
Mr Vicars will take control from the Lane family, which founded the company in 1938.
The move means the embattled brand will now be able to continue operating.
According to The Australian, the deal ensures Oroton will avoid a breakup of the business and allow local and international Oroton stores to keep trading.
Importantly the proposal would allow Oroton Group to r…
Read the full article at: http://www.news.com.au/finance/business/retail/major-shareholder-set-to-buy-struggling-aussie-luxury-handbag-brand-oroton/news-story/ba23e7d52d21cf0c68edab217e1dbed3
