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credit: Esprit
credit: Esprit

Investor CBR Group Backs Out Of Aiding Esprit In Its Restructuring

Already preceeding the fashion retailer´s insolvency in May, Esprit seemed to have secured a potential investor, who would help the company with its restructuring. Now, CBR Group has backed out of supporting Esprit.

In April, Esprit started discussion with Alteri, the British Private Equity Investor specializing in retail across Europe, and owner of the CBR Group in Germany, about a potential restructuring. Yet, this plan has unfortunately not borne any fruits, as revealed by FashionUnited.

Alteri was said to be interested in Esprit’s license rights. The investor has a great deal of experience in the industry and successfully invested in the CBR Group in 2018. When asked about the reason behind the investor´s withdrawal, the group did not share any details.

After Esprit´s insolvency in Switzerland and Belgium earlier this year, Esprit Europe GmbH and six other German companies of the fashion group filed for insolvency under self-administration in mid-May. The Hong-Kong listed company had plans for restructuring Esprit’s European business, which is mainly managed from Germany, as well as to reposition it for the future.

This is why Esprit CEO William Pak is now also personally on the lookout. After scarcely appearing in Germany, Pak took part at a management conference in Germany earlier this week, all while the uneasiness only keeps growing about the company´s restructuring chances.


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