Iconic handbag retailer OrotonGroup has gone into administration, becoming the latest casualty in Australia’s retail bloodbath.
The company said on Thursday morning that an eight-month strategic review failed to find a viable option to secure its future.
Its 59 Oroton stores will continue to trade as usual while administrators Deloitte Restructuring Services pursue a sale or a recapitalisation, the company said.
Oroton has suffered falling sales in recent years and racked up a $14.2 million loss in 2017.
The company’s shares, which went into a trading halt on Tuesday while the board finalised the result of its review, had fallen from $7.80 in early 2013 to $2.44 a year ago. On Monday, they closed at just 43??.
Interim chief executive Ross L…
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