Fashion group Esprit is closing all 56 branches in Germany by the end of the year. About 1,300 employees lose their jobs. The trademark rights for the European insolvent business are to be sold to British financial investor Alteri.
Esprit did not want to provide any information about the purchase price. It is said that the companies will be wound up and that the products will be sold in the branches. Alteri does not take over the operational business, ie neither branches nor employees. The jobs in the stores and headquarters in Ratingen will be cut. This was confirmed by the accreditation committee of the seven German Esprit insolvent companies.
Esprit will continue to operate as a brand, the company said. Products under the label would continue to be sold in Germany, although the exact form is not yet clear. Alteri also owns the fashion company CBR Fashion with the brands Street One and Cecil.