Esprit Holdings Ltd is set to close all its stores in Asia outside China, including 26 in Taiwan, by the end of May as it stuggles with slumping sales in the region with the economic meltdown made by COVID-19 pandemic.
Esprit is a Hong Kong-listed fashion retailer, announced that the apparel group has decided to close all 56 retail stores in Singapore, Malaysia, Taiwan, Hong Kong and Macau.
The decision of the company was made as part of its effort to manage with the challenges posed by the coronavirus pandemic.
“Under these proceedings, we are able to preserve liquidity and focus on the restructuring. We want to secure the future of this tremendous brand, and be ready for the opportunities that arise when this is all over,” Esprit Group CEO Anders Kristiansen said in a statement on the company’s Website.
Esprit retail sales significantly drops 44.2 percent in Asia. Esprit currently has 82 stores in China alone.
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