On Thursday, the corporate filed for chapter on the Salzburg Regional Court docket. In response to Stapf Neuhauser Rechtsanwälte, 173 staff are affected. At peak instances, there have been greater than 600. The explanation for the chapter is a drop in gross sales and severe misplanning on the firm headquarters. There are not any plans to proceed the corporate.
The corporate nonetheless has twelve of its personal branches. 13 franchisees use the model and function 23 different branches, however usually are not legally affiliated with the now bankrupt Esprit Handelsgesellschaft mbH.
The present property of Esprit Handelsgesellschaft mbH quantity to round EUR 4.9 million at liquidation values, whereas the liabilities at the moment quantity to a complete of round EUR 8.4 million – excluding any claims for damages from present contracts, in accordance with the Stapf Neuhauser regulation agency, which represents the administration, as acknowledged in a press launch.
The Austrian Esprit subsidiary suffered an working lack of EUR 4.9 million on gross sales of EUR 8.9 million within the interval from the start of the yr to June 20. Within the full yr 2023, the corporate had generated gross sales of EUR 29.56 million, in comparison with EUR 37.4 million within the earlier yr.
The explanation for the sharp drop in gross sales was severe misplanning throughout the group. Assortment, distribution and gross sales in addition to the administration of the Austrian subsidiary had been roughly solely managed centrally, in accordance with the consultant of the home administration.
“Resumption not anticipated”
“A resumption of assist by the Esprit Group is to not be anticipated,” it mentioned on Thursday. Based mostly on the knowledge at the moment out there, the Austrian Esprit subsidiary due to this fact sees no chance of constant as a going concern. If the insolvency administrator to be appointed follows the administration’s request, the remaining shares will likely be offered off shortly, the branches closed, the rental contracts terminated and the corporate liquidated.
Esprit has been lively in Austria since 1995. At its financial peak in 2010, the corporate employed 610 folks in Austria and operated 26 of its personal shops and 60 companion shops.
With the insolvency of seven German Esprit corporations in Could, virtually all assist providers and all deliveries of products to the Austrian subsidiary had been instantly suspended throughout Europe. “All European nationwide corporations are affected by the administration errors within the group,” mentioned the regulation agency. The nationwide corporations for Denmark and Finland in addition to the retail corporations for Benelux and Switzerland have already filed for insolvency. Additional insolvency filings in different international locations are in preparation.
