Restructuring events
European Restructuring Monitor (ERM)
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.
The clothing retail chain Esprit announced that it will close all 56 of its shops in Germany, resulting in 1,300 employees being made redundant.
In May, Esprit Europe GmbH and six other of the group's companies filed for insolvency. A British financial investor is acquiring the brand rights, but not the operational business. Consequently, all 56 shops in Germany and the head office in Ratingen (North Rhine-Westphalia) will be closed by the end of 2024.
It is not yet known how the 1,300 jobs will be cut or whether there will be any socially acceptable solutions. The trade unions have not yet issued any statements, while the trade association views the closures as a sign of the deep crisis in brick-and-mortar retail and a setback for city centres.
The company previously underwent restructuring in 2020, which led to the closure of around 50 shops and the loss of 1,100 jobs Esprit-2020-DE.
Eurofound (2024), Esprit, Closure in Germany, factsheet number 201466, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/201466.