AUSTRALIAN luxury goods brand Oroton (ASX: ORL) has warned landlords that if rent is not slashed then more stores will close.
Landlords will have to cut Oroton rents by up to 40 per cent within the next few days or the national retailer will shut down stores.
This latest development in the long-running demise of the national retail sector sees Oroton, an ASX listed luxury handbags and goods retailer, pulling out the final stops to keep the business afloat.
Over the weekend, two stores were shut on Sydney’s Pitt Street Mall and Macarthur Central in Brisbane CBD after the landlords refused to cut the rent.
Oroton went into voluntary administration in late November 2017 following a rough slide thr…
Read the full article at: https://www.businessnewsaus.com.au/articles/oroton-issues-ultimatum-to-landlords-and-threatens-major-closures.html
