The commercial court in Nanterre has ordered the liquidation of Esprit de Corp France, and based its decision on the fact that business operations could not be continued. A restructuring plan to repay the debt was impossible.
The French subsidiary had been in insolvency proceedings since July 18. At the time of the last annual financial statements, the company employed 145 people and had annual sales of nearly 32 million euros. In France, the brand was present in more than a hundred sales outlets, while the majority were run by franchisees until their recent closure.
In addition to the subsidiary Esprit Europe, six other German group companies were affected by the insolvency filing. The Swiss and Belgian subsidiaries, where Esprit also operates stores, had already filed for insolvency in March and April.
