Why are esprit stores closing

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Email address Please check your email address. Password Your password must have minimum 6 characters. Re-password Your password must have minimum 6 characters. Please check terms and conditions. Latest Taiwan. Robert Stockdill. April 28, 2 mins read. Its outlets here - including in the Jem, Ion Orchard and Paragon malls - sell clothes for men, women and children, ranging from office wear to casual outfits.

The company, which is based in Hong Kong and Germany, will continue its joint venture business in China, its wholesale and licence operations in Asia and focus on its core markets in Europe. Esprit said in the exchange filing that government measures amid the pandemic have forced the temporary closure of many of its retail outlets. Third-quarter revenue plunged The company is negotiating with landlords to seek rental relief for the stores that will remain open.

Its executive management team has taken a 35 per cent pay cut while the senior vice president and vice president have accepted a 25 per cent reduction. Other high-profile retail collapses during the outbreak include British fashion brands Oasis and Cath Kidston.

Clothes retailer Esprit to close 56 stores in Asia outside China. Article type: metered. Join our Telegram channel to get our Evening Alerts and breaking news highlights. Found a mistake in this article? Report it to us. What is the issue about?