OrotonGroup has gone into administration.
The news follows a trading halt on Tuesday.
While 59 Oroton storse will continue to trade as normal, an eight-month strategic review have failed to secure its future.
The iconic handbag group posted a $14.2 million loss for the financial year.
Administrator Vaughan Strawbridge said he is optimistic of a positive outcome.
"Our focus is on continuing to operate the business, as we seek a recapitalisation or sale of this iconic brand.
"The flexibility of the voluntary administration process enhances the ability to further restructure OrotonGroup in a manner which makes it possible to achieve the best possible outcome in these circumstances.
"Our ambition is that a stronger Oroton business will emerge from this process”.
Interim CEO Ross Lane said the decision was unavoidable.
“We have made every effort to avoid taking this decision but have been unable to source a viable solution which could achieve a better outcome than voluntary administration.
"The Board is disappointed that it has had to t ake this step after running such a comprehensive process.
"However, having carefully considered the options available to the company at the conclusion of its strategic review, it is apparent that voluntary administration is necessary to protect the Oroton business and the future of this iconic Australian brand.
"We thank Oroton’s employees, loyal customers and suppliers for their ongoing support."
The company’s AGM, planned for December 1, will not proceed as scheduled, but will be deferred to a date to be advised.
There will be a first meeting of creditors on December 11.
Oroton joins Marcs, Topshop Australia, Herringbone, David Lawrence and Pumpkin Patch in the retail administration heap this year.