Düsseldorf, May 17, 2024 - The Düsseldorf Local Court has ordered provisional insolvency proceedings under self-administration for ESPRIT Europe GmbH, Ratingen, and six other German ESPRIT Group companies in accordance with Section 270b of the German Insolvency Code. The management had filed corresponding applications on May 15, 2024. The other companies of the fashion company are ESPRIT Retail B.V. & Co. KG, ESPRIT Europe Services GmbH, ESPRIT Design & Product Development GmbH, ESPRIT Wholesale GmbH, ESPRIT Global Image GmbH and ESPRIT Card Service GmbH.

In the case of self-administration, the management continues to run the company and is monitored by a trustee. The court appointed lawyer Prof. Dr. Lucas Flöther (Flöther & Wissing law firm) as provisional administrator for all companies. Dr. Christian Gerloff and Christian Stoffler from the law firm Gerloff Liebler Rechtsanwälte in Munich are responsible for the management of all companies. Attorney Benedikt Gatt has also been appointed as general representative.

As already announced, the aim of the proceedings is to restructure ESPRIT's European business, which is mainly managed from Germany, and to reposition it for the future. 1,500 employees (headcount) are directly affected by the measures; they will receive insolvency benefits from the Federal Employment Agency for the months of May, June and July. The opening of insolvency proceedings is currently planned for August 1, 2024.

Business operations at ESPRIT will continue in full until further notice. All stores will remain open. No information can currently be provided on the effects of restructuring measures on individual stores.

Deloitte is representing the companies in the proceedings and advised them in the preparation of the proceedings (Partner Frank Tschentscher, Senior Associate Marcus C. Spangenberger).

Press contact ESPRIT:

Frank Elsner

Frank Elsner Communication for Business GmbH

Phone: +49 - 5404 - 91 92 0

Mail: frank.elsner@elsner-kommunikation.de