Esprit Holdings (HK:0330) has released an update.
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Esprit Holdings has announced that its U.S. subsidiaries, Esprit US Distributions Limited and Esprit US Retail Inc., have filed for Chapter 7 bankruptcy due to financial difficulties and high operating costs. This filing will lead to the deconsolidation of these subsidiaries from Esprit Holdings’ financial results, significantly reducing operational costs. The company aims to shift its focus towards enhancing its asset-light licensing business by collaborating with experienced partners.
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