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Esprit to Close All Stores in Unprofitable North America

Esprit Holdings Ltd., the clothing retailer struggling to recover from last year’s 98 percent earnings slump, plans to close all stores in North America after failing to find a buyer for the unprofitable business.

Hong Kong-listed Esprit intends to focus on “finding one or more license partner” to maintain the brand’s presence in North America, said Patrick Lau, head of investor relations and mergers and acquisitions, in an e-mailed statement. The U.S. and Canadian subsidiaries haven’t decided on whether to file for Chapter 11 or equivalent Canadian proceedings.