Vicars was previously a major shareholder and became the major creditor but will in effect swap the $35 million he is owed for ownership of 100 per cent of the business.

He has also established his credentials over the years as a tough negotiator. He acted for Gretel Packer when she went up against her brother James to sort out the spoils of the family estate.

The Oroton outcome is one that will be closely watched by the many retailers that have formed a conga line to the doors of retail landlords to beg for rent relief.

Some like Solomon Lew’sPremier Investments have been through the process and come out the other end after closing about 85 stores over the past five years. And he hasn’t let up on threats to close more if landlords won’t cut rents.

Franchisor Retail Food Group,which owns the Brumby's,Donut King,Gloria Jeans and Michel's Patisseries chains,will shut as many as 200 stores.

And last week there were unconfirmed reports that the troubled Specialty Fashion Group had done a deal with one of its landlords,Scentre,to cut rents by 20 per cent.

Vicars was looking for rent reductions of 40 per cent - whether he achieved this outcome has been a well guarded secret.

Barring an outside contender coming to make a last minute offer,the deal is in the bag for the Vicars-led bailout of Oroton.

Vicars has already been declared preferred bidder by the voluntary administrator Deloitte Restructuring Services'Glen Kanevsky and Vaughan Strawbridge who were appointed late last year after Oroton’s corporate adviser Moelis ran a six-month sale process with no takers,and there was no support for an equity issue.

A fair chunk of landlords have agreed to voting in favour at the upcoming creditors'meeting,and while some will vote against,others will abstain.

Oroton has closed three out of its 62 stores since being placed into voluntary administration in November - which points to it achieving a good outcome on rent negotiations.

However,it is understood that as lease contracts roll off on other stores some may not be renewed.

Vicars was looking to have rents slashed by up to 40 per cent on some sites,but for better performing stores the reductions achieved are said to have been smaller.

One thing seems sure - Oroton will remain in private hands and not look to equity markets to house the business.

Former Cue Clothing Company chief executive David Kesby,who has been recently acting as a consultant to Oroton,looks set the be appointed to the new board once the administration is lifted.