Esprit announces ‘significant’ job cuts in Germany
German clothing company Esprit announced “significant job cuts” in a letter to its employees last week.
This is how CEO Anders Kristiansen is responding to the company’s financial woes and announced a series of measures to regain stability. Among other things, these include reviewing the company’s store portfolio and “streamlining the organisation”. All employees will be housed in the brand’s headquarters on Esprit Allee in Ratingen, Germany.
The process has already started with a number of executive layoffs. According to the letter, the company has launched a consultation period with unions and said that an existing collective agreement will be maintained until the end of 2019. The exact number of people who will be affected by the redundancies is yet to be confirmed, but the company employs over 6,400 people.
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