Hong Kong -- Esprit Holdings said Thursday that it will close all 93 of its stores in North America, after abandoning previously announced plans to sell off the business or find a licensed operator to run the stores.
However, according to an emailed statement by Patrick Lau, head of investor relations and mergers and acquisitions, Esprit plans to find one or more license partners to maintain the brand’s presence in North America.
Sales in North America accounted for less than 4% of the apparel retail group’s $4.3 billion in revenue last year. The company had already started closing some stores here and negotiating the termination of the remainder of the store leases. The U.S. and Canadian subsidiaries haven’t decided yet whether to seek Chapter 11 bankruptcy relief.
Comments
Post a CommentIt seems that no matter how
It seems that no matter how much good news we hear about the markets or the unemployment rate going down even a little, it is always very sad to read about a store closing up shop in the United States.
Stores closing in the United States is all about the exploitation of sites and is never a good thing and if something does not change there will probably be a lot more to come.