RATINGEN – German apparel retailer, Esprit, has announced that several of its German subsidiaries have applied for Protective Shield Proceedings under German Law. The move comes as mainstream fashion players buckle under the financial strain brought about by COVID-19, which has forced retailers to shut stores across Europe.
The Protective Shield proceedings protect Esprit from the claims of creditors for the next three-months. The measures are essentially the last stop before bankruptcy.
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