08.09.2024. / 14:10
BERLIN – The well-known Esprit fashion group is closing all 56 branches in Germany by the end of the year.
PHOTO: Pixabay
About 1,300 employees will lose their jobs. Trademark rights for an insolvent European company are to be sold to British financial investor Altera.
Esprit did not want to give information on the purchase price. It is said that the companies will be shut down, and the products will be sold in other stores.
Alteri does not take over operational business, i.e. neither branches nor employees. Positions at the headquarters in Ratingen will be eliminated. This was confirmed by the board of creditors of seven insolvent German Esprit companies.
“Esprit will continue to operate as a brand”the company said.
Esprit-branded products will continue to be sold in Germany, although the exact process of what that will look like is still unclear. Alteri also owns the fashion company CBR Fashion with the brands Street One and Cecil, writes Feniks magazine.
Esprit Europe GmbH and six other companies in the fashion group filed for bankruptcy in June. The proceedings began on August 1 at the Düsseldorf District Court. Esprit Europe GmbH manages Esprit in Germany, France, Belgium, Austria, Scandinavia, Poland and Great Britain. Procurement and sales are organized in various subsidiary companies and subsidiaries.
Esprit is represented in about 40 countries around the world. Bankruptcy does not affect operations outside Europe. The parent company of the group, Esprit Holding, is located in Hong Kong. Nevertheless, Germany remains the most important market for the company. Esprit has already applied for the protection procedure for several German companies in 2020. At that time, about 50 branches were closed and about 1,100 jobs were terminated. BizPortal
Source: www.capital.ba
