Bankrupt fashion group Esprit sells remaining stock at a bargain price
Esprit is finished: in March, the fashion group had to close its stores in Switzerland. Now the doors are open again, because all remaining stock has to go. Meanwhile, insolvency proceedings are underway in Germany.
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- The Esprit fashion chain closed its stores in Switzerland in March of this year.
- Insolvency proceedings are now also underway in Germany.
- Swiss stores are reopening their doors to sell remaining stock.
- Around 250,000 items of clothing have to go.
After all Esprit stores in Switzerland were forced to close in March, the German stores are now also facing permanent closures. Around 1,300 employees are to be affected there and may lose their jobs.
The company has filed for insolvency in self-administration for its parent company, Esprit Europe GmbH, and six other German subsidiaries at the Düsseldorf Local Court. The insolvency proceedings have been underway since August 1.
The employees affected have been informed. Negotiations are being held with the works councils on social plans and reconciliation of interests, and payment of salaries is secured until dismissals under insolvency law take effect.
Two bidders are said to be interested in the fashion group's European business. One of the bidder concepts envisages the relaunch of Esprit at a later date, the other a continuation of operations on a considerably reduced scale.
While the future of Esprit is being discussed in Germany, the doors of the stores in Switzerland, which were closed in March, are opening again - because: The remaining stock of the bankrupt fashion chain has to go.
250,000 items of clothing have to go
As reported by the "Aargauer Zeitung ", the Zurich bankruptcy office is taking care of the liquidation. It put the sale out to tender, which was ultimately awarded to the lawyer Jean-Luc Grichting from Montreux VD with his company Geena.
There are around 250,000 items of clothing that now need to be disposed of. According to the "Aargauer Zeitung", the sale will run until August 12. After that, it will be the turn of the clothes hangers and store furniture.
Grichting and his partner Gabriel Zekry will also be looking for potential new tenants for the store premises. They have already found suitable tenants for many properties. For example, in Basel, where Esprit is rented on the Freie Strasse shopping street: Möbel Pfister is interested in the building, as the "Aargauer Zeitung" writes.
Over 45 stores affected in Switzerland
The Swiss Esprit subsidiary filed for bankruptcy at the end of March. The employees were also informed at the end of March. In Switzerland, Esprit ran over 45 stores with around 150 employees.
Notices were briefly posted at the stores stating that they were "temporarily" closed.
