Struggling luxury leather handbag and accessories maker OrotonGroup has quit its franchise agreement with US giant the GAP Inc, as it looks to stabilise the $44 million business and continues to look for a buyer.
Oroton said it was too early to say what the financial impacts would be on the company. The next phase will be managing out inventory and lease obligations. All six of the loss-making GAP stores in Sydney and Melbourne are slated to close by end of January 2018.
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Carrie LaFrenz is a senior journalist covering retail/consumer goods. She previously covered healthcare/biotech. Carrie has won multiple awards for her journalism including financial journalist of the year from The National Press Club. Connect with Carrie on Twitter. Email Carrie at carrie.lafrenz@afr.com
