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Stores that were once the places where everyone shopped have seen a downturn, and it's gotten so bad for some that they are literally closing up shop. Chains like Express, The Body Shop, Ted Baker and Rue21 have all declared bankruptcy and closed locations. Now, an iconic fashion brand that was massive in the '80s and '90s is doing it as well. Esprit has filed for bankruptcy in the US.
As part of the bankruptcy, the company will be shuttering their two American subsidiaries, Esprit US Distributions Limited, which handled their US wholesale business, and Esprit US Retail Inc., their retail and e-commerce in the country. Justifying the bankruptcy in the filing, Esprit stated, "Weak business and financial conditions as well as the unsatisfactory operating results" meant it was "unlikely" the subsidiaries could "generate the necessary revenues to cover operating costs and meet debt obligations."
Esprit has been struggling this year and in May, declared bankruptcy in Germany, where they are headquartered. It's been a long road for them too. In 2012, the company closed all their US stores since they weren't profiting, and in 2020, Esprit filed for bankruptcy. However, things started looking up for them. They restructured their finances and came out of bankruptcy and, in 2022, they returned to North America, starting with a pop-up store in LA. They had plans to open permanent stores in LA, New York, Miami, Vancouver and Toronto, but that is no longer going to happen.
The company, best known for their logo of an E made with three bars, has been around for 60 years. No word yet on what will happen to its worldwide presence, but the American footprint will now be liquidated.