OrotonGroup Limited
(ASX:ORL) has inked a binding deal to sell its entire stake in Brooks Brothers Australia to Brooks Brothers International.
The fashion brands retailer says the sale is expected to be tied up by tomorrow and will finalise OrotonGroup’s financial commitments to Brooks Brothers Australia.
The transaction is not expected to have an extra negative impact on OrotonGroup’s annual earnings beyond that already reported and forecast.
CEO and Managing Director Mark Newman says OrotonGroup will now focus on its core brand which he believes has significant potential as it gains traction through its repositioning strategy.
OrotonGroup reported a net profit of $2.18 million in the first half of the 2015 financial year.
