The companies are to be wound up and the products sold in the stores. The financial investor does not intend to take over the operational business, such as stores or employees. The creditors’ committee of the seven insolvent German Esprit companies has signed a corresponding notice, the company announced. The closure in Germany affects 56 stores and their approximately 1,300 employees.
However, Alteri who owns German fashion company CBR Fashion and brands such as Street One and Cecil, plans to continue Esprit as a brand in the foreseeable future, according to the announcement. Products under the label will therefore continue to be manufactured and sold in Germany, although it is not yet known in what form.
