Esprit Will Cut Staff, Stores

Esprit (Ratingen, Germany) has announced a restructuring plan that will include laying off about 40 percent of its office staff, as well as a number of store closures across the globe.

For instance, the company plans to whittle its five head offices in Germany down to one and cut its four-floor office in Hong Kong back to a single floor. The layoffs are slated to take place in early 2019, according to Marketing Magazine.

Additionally, the company is in the process of trying to renegotiate leases for its fleet of stores. If it is not able to lower rent costs, those stores may be closed as the company looks to cut costs. However, the company has plans to open 220 new stores in China and 78 others throughout Asia by 2023.