EMCC European Monitoring Centre on Change

Esprit

Company/Organisation:
Esprit

Geographic Location

Country: Germany

Company

Sector: Retail
Wholesale and retail trade; repair of motor vehicles and motorcycles
47.71 - Retail sale of clothing in specialised stores

Employment Effects

Announcement Date: 01-07-2020
Planned Job Reductions min: 1100
Planned Job Reductions max: 1100
Type of Restructuring: Internal restructuring
Employment Effect Start: 01-07-2020
Foreseen End Date: 30-11-2020
Direct Dismissals: 1100

Additional Information

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. 

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