Fashion retailer Esprit will close all 67 of it's Australia and New Zealand stores as the company shifts focus to 'more profitable' regions, it was announced today.
Stehen Newnham, local director of operations, told AAP, 'The group’s decision is unfortunate but unavoidable.'
In an announcement to the Hong Kong Stock Exchange, Esprit Holdings Ltd said it would divest the ANZ arm 'in order to strengthen its foundation for the business.'
'Divesting the ANZ operations will allow management to concentrate efforts and resources in developing other markets in Asia 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.
'The intended divestment involves closing down 67 directly managed retail stores, including 38 concession counters in department stores and 13 off-price outlets.'
It is unclear how many of the brand's staff this will affect.
Esprit is just the latest in a long line of victims in Australia’s struggling fashion retail sector over the past 12 months, including David Lawrence and Marcs, Oroton and Gap.