A staple of the US high street has fallen after 56 years. The popular clothing brand Esprit has permanently closed its doors on all US outlets after filing for bankruptcy, marking yet another victim of the US financial downturn.
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The iconic clothing brand, Esprit, which many of you will still have in your cupboards, has been on the streets for 56 years before filing for bankruptcy. They had a hell of a run though, and were an iconic label for many growing up. The recognizable, colorful, label was a common sight all through the eighties and nineties, capturing the era's fashion sense. However, they haven't managed to keep up with the times.
After a heavy rebrand in 2023, their Esprit brand simply wasn't able to pick up the magic of their previous lines. This is a surprise to me, as the colorful branding, and iconic 80's and 90's look has certainly made a comeback. Now, I'm no businessman, but the clothing brand could have done a little to avoid bankruptcy by simply bringing out a retro throwback line.
International Shutdowns With Esprit Clothing Bankruptcy
The Esprit name was an international brand. And, with the closing of the US line, comes the closing of many others too. Their entire clothing line is going offline with the bankruptcy, making their old garments a collector's item. Both Esprit U.S. Distributions Limited and Esprit U.S.Retail Inc. filed notices of Chapter 7 bankruptcy. There is no coming back from that, and marks the end of the company, for good.
In a statement, the Esprit spokesperson said this about their situation, "Having considered the poor business and financial conditions, as well as the unsatisfactory operational results of the US Subsidiaries, the board of directors of each US Subsidiary has concluded that it is unlikely for the relevant US Subsidiary to be able to generate sufficient revenue to cover its high operating costs and fulfill its debt obligations." It is clear that the Esprit clothing brand had little choice but to file for bankruptcy under its heavy financial strain.
There are limited international branches still operational, but this won't be for long. Over 160 stores have been shut down in Belgium, Germany, and Switzerland. We can say goodbye to another brand that many of us grew up with.
