Oroton sells ailing Brooks
OROTON Group is offloading its stake in Brooks Brothers’ Australian operations after just two years, following lower than expected sales.
The luxury goods maker has agreed to sell its interest in the joint venture, which includes 13 stores, to parent company Brooks Brothers Group. The price is not known. Oroton’s 2014/ 15 thirdquarter earnings fell by more than $ 2 million, partly owing to sales and margins in Brooks Brothers and Gap, which it also operates in Australia, falling below expectations.