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The fate of fashion group Esprit‘s European operations remains uncertain as negotiations with acquisition candidate CBR Group recently broke down.
Restructuring
Esprit had initiated talks with Germany’s CBR Group, the owner of brands like Cecil and Street One, but the latter suddenly pulled the plug on the negotiations, trade journal Textilwirtschaft reports. Therefore, the retailer’s future remains highly uncertain.
Last month, Esprit launched insolvency proceedings in Europe, as the fashion group could no longer meet its financial obligations and wants to restructure. The brand would like to move towards a more flexible business model, with a stronger focus on e-commerce and wholesale.
The retailer’s Belgian branch already went bankrupt in April: as a result, its fifteen stores closed. However, a dozen franchise shops, the corners at Inno and the webshop will remain open until further notice. The Luxembourg and Dutch operations, among others, remain outside the insolvency proceedings for the time being.
