Clothing chain Esprit wants to scrap approximately 40 percent of the jobs in the administration and close down the loss-making stores. The company announced this during an investor relations day.
The document published today is an excellent slogan-stuffed example of corporate gibberish lingo. Besides that it is important that the company is recognizing the problems with the brand and distribution and is ready for massive lay offs which usually pleases investors.
Esprit has multiple stores around the World. It is not clear whether the reorganization in your country will have any consequences because the sales performance is very different from country to country.
The company, which has head offices in Hong Kong and Germany, takes 2 to 3 years to “lay a strong foundation” for future growth. It’s about making the organization “slimmer”, it sounds.
That has already started with top management: that has been reduced from thirteen to six people. The job reduction in the administration should be around halfway next year, according to a presentation by the company.