The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Retail Retail Trade, Except Of Motor Vehicles And Motorcycles Retail Sale Of Other Goods In Specialised Stores 47.71 - Retail sale of clothing in specialised stores
1,100 jobs Number of planned job losses
Announcement Date
1 July 2020
Employment effect (start)
1 July 2020
Foreseen end date
30 November 2020
Description
Clothing retail chain Esprit announced it will cut 1,100 jobs in Germany and close down half of its stores. Affected are 800 employees working in Esprit stores and another 300 employees working in administration. In addition, some 100 jobs will be lost in Asia. The company had filed for insolvency in March 2020 after heavy losses during the COVID-19 pandemic. Job cuts are currently negotiated with the works' council. Whilst around 50 stores will be closed by the end of November 2020 in Germany, the company seeks to save the other half of its stores with a restructuring programme reducing costs.
Eurofound (2020), Esprit, Internal restructuring in Germany, factsheet number 101217, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/101217.
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