Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
On 26 February 2019, the fashion company Esprit announced to cut 400 jobs in Germany due to internal restructuring until June 2019. Positions in administration functions at Esprit’s headquarter in Ratingen, Germany are the most affected. The job reduction is necessary due a €280 million loss worldwide in the previous fiscal year and sales decreasing by 14.4% in the first half of the current fiscal year. All in all, Esprit will be cutting 35% to 40% of administrative jobs worldwide.
Esprit announced that each store will be checked on its profitability and has yet to exclude closures.
Currently Esprit has 1,160 employees at it headquarter in Ratingen and 1,540 employees in 137 stores in Germany.
Eurofound (2019), Esprit, Internal restructuring in Germany, factsheet number 97403, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/97403.