By  on September 15, 2011

HONG KONG — Esprit unveiled Thursday a drastic restructuring plan that includes pulling out of the North American market and a few other European countries as the company posted a 98 percent plunge in full-year net profit.

Esprit said it has made a “strategic decision” to divest operations in North America, exit from retail operations in Spain, Denmark and Sweden, and close down certain additional nonprofitable stores elsewhere to focus on better performing markets. The decision will affect 93 directly managed retail stores in North America.

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