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credit: Esprit
credit: Esprit

Esprit Companies File For Insolvency

After the company´s insolvency in Switzerland and Belgium in the past two months, Esprit Europe GmbH and six other German companies of the fashion group are now filing for insolvency under self-administration in Düsseldorf.

The Hong-Kong listed company plans to restructure Esprit’s European business, which is mainly managed from Germany, as well as to reposition it for the future. Esprit Europe GmbH is the parent company for Esprit in Germany, France, Belgium, Austria, the Scandinavian countries, Poland and Great Britain.

Purchasing, sales and own retail are organized in various European companies, most of which are subsidiaries or second-tier subsidiaries of Esprit Europe GmbH. The Group is active in around 40 countries and has its main operational headquarters in Ratingen and Hong Kong.

It is the second insolvency proceeding for Esprit in four years. During the 2020 pandemic, the fashion chain had already filed for insolvency, laid off around a third of its workforce, and closed 100 stores. Now, around 1,500 employees are directly affected by the insolvency filings, the German TextilWirtschaft shared earlier today.

Business operations are to continue until further notice, however, it cannot be ascertained as of yet what impact the proceedings will have on other Group companies, particularly in other European countries.