The popular fashion brand filed for bankruptcy

Esprit has been struggling financially for years. The brand has already gone through insolvency proceedings in 2020, when a third of its employees were laid off and a hundred stores were closed. However, these measures did not bring the expected results, so now bankruptcy proceedings have taken place again.

There was also a change in the management of the company; Managing director Man Yi Yip has left, and his place will be taken by insolvency lawyers Christian Gerloff and Christian Stoffler, who are trying to stabilize the company’s situation at the head of a new management team.

Esprit is currently present in 40 countries and operates 124 stores in Europe, 57 of which are located in Germany, which is a strategically important market for the company. Bringing in new management and potential investors could be key to the brand’s future.