Esprit to layoff 1200 employees, close 50 stores in Germany as part of restructuring

Esprit has announced that it has received a green light from the Düsseldorf District Court for the restructuring process. The company said in a statement that the key elements of the restructuring plan include headcount reductions of approximately 1,200 employees or 20 percent of the workforce, in the range of 800 store employees in Germany, 300 non-store employees in Germany and 100 employees from the Hong Kong office, further salary and benefit reductions for non-store personnel and closing of approximately 50 stores in Germany mostly by the end of November. This is in addition to the 56 Asian stores announced for closure in April, since shut down.