Iconic handbag retailer OrotonGroup is up for sale after becoming the latest casualty in Australia's retail bloodbath and collapsing into voluntary administration.

The 79-year-old company revealed on Thursday that an eight-month strategic review which looked to sell, privatise, recapitalise or refinance the business had failed to find a viable option to secure its future.

About 60 Oroton stores would continue to trade as usual while administrators Deloitte Restructuring Services pursue a sale or a recapitalisation, the company said.

"The board is disappointed that it has had to take this step after running such a comprehensive process," said interim chief executive Ross Lane, whose grandfather Boyd Lane founded Oroton in 1938.