Oroton will transfer into private ownership.Credit:Nicolas Walker
Creditors voted in support ofMr Vicars' rescue plan at a meeting in Sydney on Thursday and a court process will now take place to transfer all Oroton's ASX-listed shares to his organisation. Mr Vicars,the co-chief executive of Caledonia Funds Management,already owns 18.2 per cent.
The luxury handbag retailer went into a trading halt on November 28,with its shares valued at 43.5 cents,85 per cent lower than a year earlier. It slipped into voluntary administration two days later after sinking to a $14.3 million full-year loss on the back of weak sales,a failed Gap apparel venture,and a precarious debt situation.
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At the time,557 staff were employed at its head office and across 62 stores in Australia,New Zealand and Malaysia - with another 240 working at Gap.
Deloitte previously said 264 staff had been made redundant as a result of the wind down of the Gap joint venture,and another 10 from either Oroton head office or its stores.
AAP