Stalwart of the Australian fashion industry, handbag retailer Oroton, have gone into administration.
The iconic company known for its luxury leather accessories revealed this morning that an eight-month strategic review failed to find a viable option to secure its future.
The Sydney Morning Herald reports that Oroton’s sales have been in decline in recent years, stating the company has racked up a loss of $14.2 million in 2017.
Australian actress Rose Byrne was Oroton’s most recent celebrity ambassador.
The 59 Oroton stores will continue to operate as usual while administrators Deloitte Restructuring Services pursue a sale or recapitalisation, OrtonGroup said.
“The flexibility of the voluntary administration process enhances the ability to further restructure OrotonGroup in a manner which makes it possible to achieve the best possible outcome in these circumstances,” said administrator Vaughan Strawbridge .
“Our ambition is that a stronger Oroton business will emerge from this process.”
With news of Oroton going under, the brand has launched a massive sale online with up to 70% off items. The sale is so impressive in fact that the website has crashed under the demand of eager shoppers keen to snap up a deal in time for Christmas.
Oroton joins a list of fashion retailers to collapse over the past 18 months, with Lover, Marcs, David Lawrence, Herringbone, Rhodes & Beckett, Payless Shoes and Pumpkin Patch all going into administration.
