• ESPRIT Europe GmbH and six other German group companies today file for insolvency under self-administration
  • Dr. Christian Gerloff and Christian Stoffler were appointed Managing Directors of all companies and Benedikt Gatt was appointed General Representative
  • Business operations of the fashion company will continue until further notice

Ratingen, May 15, 2024 - ESPRIT Europe GmbH will file for insolvency in self-administration pursuant to Section 270 of the German Insolvency Code with the Düsseldorf Local Court today, Wednesday. Corresponding applications will also be filed for six other German companies of the fashion group. The aim is to restructure ESPRIT's European business, which is mainly managed from Germany, and to reposition it for the future. To this end, all options for viable future solutions will be explored in a very timely manner.

The Munich law firm Gerloff Liebler Rechtsanwälte , which has many years of extensive experience in restructuring in the fashion and retail sector (including ESCADA, Gerry Weber, Adler Modemärkte, Hallhuber, Laurèl, Tennis-Point), was called in to implement the proceedings. In order to ensure the best possible coordination of the seven proceedings, the lawyers Dr. Christian Gerloff and Christian Stoffler have been appointed as managing directors of all German companies; in addition, the lawyer Benedikt Gatt will act as general representative. It is planned that the current managing director, Ms. Man Yi Yip, will leave these companies immediately after provisional self-administration has been ordered.

Business operations at ESPRIT are to continue until further notice. Around 1,500 employees are directly affected by the applications. They were informed about the plans at a meeting in Ratingen today.

It is not yet possible to estimate what impact the proceedings will have on other Group companies, particularly in other European countries. The retail companies in Belgium and Switzerland had already filed for insolvency in March 2024.

Even before the applications were submitted, talks were held with a financial investor who has expressed interest in significant parts of the assets of the ESPRIT companies as part of a going concern concept. Negotiations on the acquisition of the brand rights for Europe by this investor are already at an advanced stage.

ESPRIT Europe GmbH in Ratingen near Düsseldorf is the parent company for ESPRIT in Germany, France, Belgium, Austria, the Scandinavian countries, Poland and the UK. It primarily performs management and control functions for these markets and is the administrative headquarters. Purchasing, sales and the company's own retail operations are organized in various European companies, most of which are subsidiaries or second-tier subsidiaries of ESPRIT Europe GmbH. The ESPRIT Group is active in around 40 countries and has its main operational headquarters in Ratingen and Hong Kong, where the company, which was founded in 1968, is also listed on the stock exchange.

Attorney Dr. Christian Gerloff: "ESPRIT is a globally renowned brand for mainstream fashion, but has been suffering from declining sales for some time, combined with numerous restructurings and management changes. The self-administration proceedings should open up the opportunity to realign the European activities in terms of their structure and product so that they can become sustainably profitable."

Press contact ESPRIT:

Frank Elsner

Frank Elsner Communication for Business GmbH

Phone: +49 - 5404 - 91 92 0

Mail: frank.elsner@elsner-kommunikation.de