June 20, 2017 / 1:29 AM / 4 months ago

Australia's OrotonGroup puts itself up for sale

June 20 (Reuters) - Australian retailer OrotonGroup Ltd 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

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