Successful conclusion of restructuring proceedings

Esprit goes back to normal business operations

With the final and official conclusion of the Proceedings, Esprit will go back to normal operations. The process started in the end of March 2020 with the proactive application by the Esprit Management for the Protective Shield Proceedings for six German subsidiaries of the Group. In the end of October 2020, the restructuring plans were approved by the creditors assemblies, followed by the confirmation by the Dusseldorf court.

The formal termination of the process allows Esprit a complete restart by means of implementation of the restructuring plans which were thoroughly prepared during the last months.

Esprit Group CEO Anders Kristiansen says: “Esprit is now a leaner and fit organization and ready for the future. The Group is now in an economically viable position and ready for the future. My team and I continue to focus on our key strategic initiatives, such as strengthening the position of Esprit as an Affordable Premium Lifestyle Brand, unconditioned customer centricity, and further improvements in our product quality and sustainability. The current performance proves that we are on top of the economic challenges due to the Pandemic as they are in line with the plan, maintaining a positive cash position.