“The global economic development, combined with a significant increase in logistics and energy costs and a negative consumer climate, as well as the high rental prices of our stores, have ultimately made it impossible to continue our activities,” Esprit Switzerland Retail reports. in a press release (pdf).
It is not clarified exactly how many affected stores and employees are involved. The brand’s clothing will continue to be available at franchised stores and more than 150 multi-brand stores in Switzerland.
The Esprit Holdings group is listed on the Hong Kong stock exchange and is based in Bermuda.
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