1300 jobs affected
Fashion: Esprit closes all stores in Germany
After the fashion group Esprit filed for insolvency in May, a buyer has now been found, according to media reports. However, the investor is unlikely to take over the business - the stores are to be closed.
The fashion group Esprit is closing all 56 stores in Germany by the end of the year. Around 1,300 employees will lose their jobs, according to the news agency dpa.
The brand rights for the insolvent European business are to be sold to the British financial investor Alteri. Esprit did not want to provide any information on the purchase price.
According to the dpa, the companies are to be wound up and the products sold in the stores. The financial investor will not take over the operational business - neither the stores nor the employees. The jobs in the stores and the head office in Ratingen will be lost as a result, as the news agency reports. The creditors' committee of the seven insolvent German Esprit companies has signed a corresponding notice.
Esprit should have a future as a brand
Esprit is to be continued as a brand in the foreseeable future, it is said. Products under the label will continue to be manufactured and sold in Germany - it is not yet known in what form. Alteri owns the fashion company CBR Fashion with the brands Street One and Cecil, among others.
Esprit Europe GmbH and six other group companies of the fashion group filed for insolvency under self-administration in May. The proceedings were opened by Düsseldorf Local Court on August 1. Esprit Europe GmbH is the parent company for Esprit in Germany, France, Belgium, Austria, the Scandinavian countries, Poland and Great Britain. Purchasing and sales are organized in various European subsidiaries and sub-subsidiaries.
"The aim is to restructure Esprit's European business, which is mainly managed from Germany, and to reposition it for the future," the company announced in May. There had already been talks with a financial investor at the time. At that time, however, it was said that the investor wanted to continue the operational business.
Businesses abroad not affected
Esprit is active in around 40 countries worldwide. Businesses outside Europe are not affected by the insolvency. The group's main company, Esprit Holding, is based in Hong Kong. However, Germany is the most important market for the group. The Esprit subsidiaries in Belgium and Switzerland had already filed for insolvency in March 2024.
It is the second insolvency proceedings in four years for the fashion group. During the 2020 coronavirus pandemic, the fashion chain had already taken refuge under the protective umbrella of insolvency law in the face of closed stores, laid off around a third of its workforce and closed 100 stores - including 50 in Germany.
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