Australia's OrotonGroup puts itself up for sale


June 20 (Reuters) - Australian retailer OrotonGroup Ltd
<ORL.AX> said on Tuesday it has received expressions of interest
that could involve a sale of the company and planned to begin a
formal process to explore its options.
    Last month, the Australian retailer hired investment bank
Moelis & Co to assist it in conducting a strategic review, just
as its shares plunged to a near 18-year low on a sharp decline
in sales and earnings.
    Oroton said its previous guidance for underlying FY17
earnings before interest, tax, depreciation and amortisation
remains unchanged at A$2 million($1.5 million) to A$3 million,
even though "market conditions remain very competitive and
challenging, and difficult to forecast".

 ($1 = 1.3179 Australian dollars)

 (Reporting by Christina Martin in Bengaluru; Editing by Sonali
Paul and Richard Pullin)


This article appears in: Politics , World Markets , Stocks
Referenced Symbols: ORL

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