Esprit Holdings (HK:0330) has released an update.
Esprit Holdings has announced the deconsolidation of several European subsidiaries due to insolvency proceedings, significantly impacting the company’s financial structure. These entities previously contributed approximately 89% of the group’s total revenue and 74% of total assets. The move is expected to notably reduce the group’s operating losses, which have been driven by high operating costs including rents, labor, and logistics.
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