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Decision will affect 93 locations
Esprit Holdings Ltd., (Hong Kong) which is struggling to overcome its earnings slump, is closing all stores in North America after failing to find a buyer for the unprofitable business.
The retailer says it will focus on “finding one or more license partner” to maintain the brand’s presence in North America, says Patrick Lau, head of investor relations and mergers and acquisitions, according to an article in Bloomberg.
Esprit says its U.S. and Canada business lost $206 million in a four-year period. “Our North American subsidiaries’ current intentions are to close all stores in North America unless a potential partner for North America is interested in taking over any of the stores,” says Lau.
Negotiations with landlords to end store leases has begun.
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