Clothing store 'Espirit' files for insolvency

Espirit has officially filed for insolvency. This comes after its parent company, Esprit Europe GmbH filed for insolvency in Ratingen in May, and its Austrian subsidiary, Espirit Handelsgesellschaft m.b.H. filed for insolvency in Salzburg in June. 

The parent company was unable to provide any further financial assistance to Espirit, which led to decreasing profits following a difficult economic Spring faced by the company this year. 

Esprit had been in discussions with third parties for potential investments and recovery, but none seemed to be successful as a result of this news.

The company has also recently filed for insolvency in numerous European countries, and so will begin closing down their stores. 

Esprit’s store in Jersey announced on social media of the company’s closing by saying ‘It is with a heavy heart that we must inform you of the recent developments concerning Esprit Holdings company in Europe. As a result of this unfortunate situation, we regret to inform you that we will no longer be trading as Esprit, effective 24 August 2024.