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 Nanterre Commercial Court has ordered the compulsory liquidation of the American clothing brand Esprit, resulting in the redundancy of the brand's 145 employees in France. Esprit de Corp France, the French subsidiary of the Esprit group, based in Boulogne-Billancourt (Hauts-de-Seine), was placed in receivership on 18 July. The judges of the commercial court ruled that ‘the business can no longer be continued and [...] there is no possibility of presenting a recovery plan to pay off the liabilities’. Esprit had around a hundred shops in France, with annual sales of around €32 million.
In July, the clothing retail chain has announced to be placed in receivership and to cut about 1,650 jobs in Europe, including Germany, France, Luxembourg and the Netherlands Esprit-2024-EU. A previous job cut has been recorded in the ERM Database in 2014 with 222 job cuts in France Esprit-2014-FR.
Eurofound (2024), Esprit, Bankruptcy in France, factsheet number 201584, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/201584.