It's a sad day when an Iconic Australian brand like Oroton faces extinction. Let's hope the administrators wield their magic and find a buyer to let it live on. In recent years we've seen many great brands like Marcs, David Lawrence, Herringbone, Rhodes & Beckett, Payless Shoes and Pumpkin Patch all placed into administration. At least Rhodes & Beckett lives on under new ownership. I'm sure we'll learn more in the coming weeks about why Oroton ultimately failed, certainly the writing has been on the wall with declining sales and profitability. They still haven't invented a new way of going broke.
OrotonGroup Limited has entered administration after its strategic review process failed to secure a viable option for the company. Administrators said “Our ambition is that a stronger Oroton business will emerge from this process”. Oroton has been in a trading halt since November 28 and is now suspended from the ASX. “We have made every effort to avoid taking this decision but have been unable to source a viable solution which could achieve a better outcome than voluntary administration,” said Interim CEO and managing director Ross Lane.