Esprit closes all branches in Germany
The business operations are now being wound down - "realistically until the end of the year," as a company spokesperson said. Stock in stores will be sold off. Employees will typically receive their notice by November 30th, the spokesperson added. Their salaries will be secured until then.
Last week, Esprit had already announced that there were no investors for the continuation of its business. However, there were still two bidders for the brand rights. The creditors' committees of the seven insolvent German Esprit companies have now unanimously decided on Alteri, the company announced. The financial investor also owns the CBR Fashion Group with the fashion brands Cecil and Street One. The brand rights also allow for a "later relaunch" of Esprit.
Esprit Europe filed for insolvency in May, citing increased costs in recent years. The COVID-19 pandemic and international conflicts have weakened its financial situation, with demand being subdued. The District Court of Düsseldorf opened insolvency proceedings for Esprit Europe and six other Esprit companies on August 1st.
The financial investor Alteri, who acquired Esprit's brand rights, also oversees the fashion brands Cecil and Street One. Maintaining the spirit of Esprit, the brand rights allow for a potential future relaunch.
