Esprit is closing up operations in Australia and New Zealand, leaving a number of staff without jobs.
The fashion chain will shift its focus to regions with more opportunities for growth, and all Australian and New Zealand stores will be closed.
Esprit's Australian locations are split between retail stores, factory outlets and Myer concession stores. 25 of these are in NSW, 17 in Victoria, 12 in Queensland, 6 in WA and 1 in South Australia.
“Divesting the ANZ operations will allow management to concentrate efforts and resources in developing other markets in Asia (e.g. China, Hong Kong, Taiwan, Singapore and Malaysia) with profitable growth opportunities for the future, and avoid incurring further losses from our non-performing operations in Australia and New Zealand,” the company said in a statement to the New York Stock Exchange.
“The intended divestment involves closing down 67 directly managed retail stores, including 38 concession counters in department stores and 13 off-price outlets.”
Esprit has operated in Australia since the 1980s.