Clothing retailer Esprit will close all 56 of its branches in Germany by the end of the year and lay off 1,300 employees there. However, it will continue to sell its goods in this country, which is its most important market, although it is not yet clear in what form, reports the DPA agency.
The rights to the brand of the insolvent European company are being bought by the British financial investor Alteri, the price of the transaction was not disclosed.
Insolvent German subsidiaries are to be liquidated, their goods sold off.
The financial investor will not take over the operational activities, i.e. neither the stores nor the employees. As a result, jobs in the stores and at the head office in Ratingen will be cut.
The Esprit Europe GmbH group filed for bankruptcy in May at the court in Düsseldorf. The court started the proceedings on August 1.
Esprit Europe GmbH is the parent company for Germany, France, Belgium, Austria, the Scandinavian countries, Poland and the UK.
Esprit operates in approximately forty countries around the world. It is headquartered in Hong Kong. Even the Czech website of the company is currently not working.
