Esprit Switzerland stores to close after bankruptcy
The Swiss branch of the popular high-street fashion retailer Esprit has gone bust, it was announced on Tuesday.
This content was published on
2 minutes
SRF
Do you want to read our weekly top stories? Subscribe here.
According to an official statement from Esprit, the bankruptcy of the Swiss subsidiary and the closure of the branches were “unavoidable”.
“Global economic development, combined with a sharp increase in energy and logistics costs as well as negative consumer sentiment and, last but not least, the high rents for our branches, ultimately made it impossible to continue our business,” writes Esprit Switzerland Retail in a statement. The Swiss Esprit subsidiary’s over-indebtedness amounted to around CHF12 million at the end of 2023.
Esprit clothes will continue to be available in 19 branches operated by franchise partners and in 150 clothing stores with various brands, the fashion group announced. According to the information, the company will now be reorganised and will in future concentrate on the online shop and trading with franchise partners.
There is also a focus on “new impulses in e-commerce”. The management wants to remain present in online trading in Switzerland.
Esprit Retail Switzerland AG is wholly owned by the fashion group Esprit Holdings Limited, which is listed on the Hong Kong stock exchange and has its legal headquarters in Bermuda.
The Swiss branch’s bankruptcy filing has no direct material impact on the group. The group’s business and operations also remained normal.
This news story has been written and carefully fact-checked by an external editorial team. At SWI swissinfo.ch we select the most relevant news for an international audience and use automatic translation tools such as DeepL to translate it into English. Providing you with automatically translated news gives us the time to write more in-depth articles.
If you want to know more about how we work, have a look here, and if you have feedback on this news story please write to english@swissinfo.ch.
Translated from German by DeepL/mga
Popular Stories
More
Multinational companies
Azeri fossil-fuel cash cow brings controversy to Switzerland
Beer sales in Switzerland watered down by bad weather
This content was published on
The past brewing year fell through in Switzerland, partly due to the bad weather. Beer sales shrank again. For the first time, per capita consumption fell below the 50 liter mark.
Compensation for Syrian after pregnant wife denied help on Swiss train
This content was published on
Switzerland’s Federal Court has partially upheld the appeal of a Syrian family being deported from Switzerland to Italy in 2014. The man now also receives compensation.
Swiss-EU negotiations: Cassis to meet Sefcovic in Bern
This content was published on
Swiss Foreign Minister Ignazio Cassis will meet the Vice-President of the EU Commission, Maros Sefcovic, in Bern on Wednesday.
Heavy snowfall in Switzerland causes traffic chaos and accidents
This content was published on
The heavy snowfall late on Thursday and during the night into Friday led to traffic chaos and many accidents in many regions of Switzerland.
Chimpanzee behaviours passed down through generations
This content was published on
Some of the complex behaviours of chimpanzees have been passed down and refined over generations. These include the combination of several tools for foraging.
More than 600,000 rounds of Swiss sniper ammunition reach Ukraine
This content was published on
Sniper ammunition from Swiss P Defence reached Ukraine via a Polish company in July 2023, reported SRF Investigativ on Thursday, citing official information.
Switzerland launches national digital inclusion alliance
This content was published on
The Swiss government launched the Swiss Digital Inclusion Alliance on Thursday with the goal of giving as many people as possible access to digital services.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.