How do clothing retailers use Facebook
The corona pandemic is also having a hard time affecting clothing retailers. In the face of massive sales shortfalls, the air is now getting thinner for some.
Hong Kong - The future of the ailing fashion chain Esprit Holdings hangs by a thread. There are "considerable doubts about the ability to continue the group," says a statement published on Thursday on the preliminary figures for the first half of the 2020/21 financial year (December 31, 2020).
As a justification, the company listed on the Hong Kong stock exchange refers to the third wave of the Corona * pandemic in Europe. You could "negatively affect the financial strength of the company," it said. According to an initial overview, Esprit made a loss of the equivalent of 30.5 million euros between July and December 2020 after 435.5 million euros in the 2019/20 financial year. After the deconsolidation of several subsidiaries, sales had shrunk to 97.1 million euros after 1.08 billion euros in the 2019/20 financial year.
Esprit: Online business cannot compensate for the drop in sales in stationary retail
The strong growth of the German online shop was able to compensate for part of the decline in sales in stationary retail. Nevertheless, the group remains "cautious" and will adjust its strategy accordingly. It was initially unclear on Thursday whether the Esprit management might be planning further branch closings or whether they want to save additional staff.
Last March, Esprit filed for bankruptcy for six German subsidiaries. In the summer, Esprit launched a comprehensive savings program. After that, half of the approximately 100 branches in Germany will be closed. 1100 jobs will be lost. Another 100 jobs are to be cut in Asia. In addition, the company exchanged three board members and relocated the entire corporate headquarters to Hong Kong.
Esprit is not an isolated case
In the past few months, numerous clothing retailers had found themselves in financial difficulties. It was only at the beginning of January that the Adler fashion chain filed for bankruptcy due to excessive indebtedness. Other chains such as Hallhuber or Bonita also had to go to the bankruptcy judge. * Merkur.de is part of IPPEN.MEDIA.
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