AUSTRALIA: OrotonGroup agrees to sell Aldo rights
Fashion retailer OrotonGroup has entered into an agreement to sell the retail licence for its Aldo footwear and accessories brand in the Australian and New Zealand markets to Busby Holdings Australia.
The business assets of Aldo's operation will be sold after a write down of approximately AUD$1.7m (US$1.28m) - to be accounted for in OrotonGroup's yearly results.
Busby is expected to take control of the Aldo business from the start of next month, but a selling price has not been disclosed.
OrotonGroup expects to reveal the results of an ongoing strategic review next Monday (25 September).
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