Esprit Shuts Down German Operations, But Employees Find Hope in Strong Job Market
Published: August 12, 2024, 3:37 PM
Esprit, a major fashion company, is shutting down all its stores in Germany by the end of the year, resulting in the job losses of approximately 1,300 employees. However, an economist offers a glimmer of hope for those affected.
“Although demand for staff in Germany has been declining for months, most Esprit employees should be able to find a new job quickly,” said Annina Hering, an economist from the job portal Indeed. “Retail staff are currently among the most sought-after types of workers in Germany.”
The company’s troubles are part of a broader decline in the fashion industry, which has recently seen several major retailers file for bankruptcy. However, Hering believes that retail workers will be in high demand despite the challenging economic climate.
“It is very likely that by the end of the year most of them will even be able to choose between several follow-up jobs and conclude a new employment contract with improved conditions,” she said.
While the job search may be slightly more difficult for employees based at the company headquarters, Hering assures them that opportunities will still be available in fields such as accounting, marketing, and human resources.