Esprit to close NZ, Australian stores

Australia is home to 61 of the 67 affected sites, and all employees will receive their full entitlements. Photo: Reuters
Australia is home to 61 of the 67 affected sites, and all employees will receive their full entitlements. Photo: Reuters

Fashion retailer Esprit will quit Australia and New Zealand by the end of the year with the loss of 350 jobs after failing to turn around the loss-making operations.

The clothing and accessories company, which has headquarters in Germany and Hong Kong, says it will close 16 stores, 38 Myer concessions and 13 factory outlets to focus on other Asian markets.

Australia is home to 61 of the 67 affected sites, and all employees will receive their full entitlements.

Local director of operations Stephen Newnham said on Thursday that gift cards would be honoured until the last day of trade, with closures understood to begin around October.

"The group's decision is unfortunate but unavoidable," Mr Newnham said.

At $50 million, Australia and NZ sales accounted for less than two per cent of Esprit's global total.

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