Esprit Holdings to Liquidate Two Financially Troubled Units

MT Newswires Live07-30

Esprit Holdings (HKG:0330) units Esprit Regional Distribution and Esprit Retail (Hong Kong) will be voluntarily liquidated as per the recommendation of the company's board, according to a Thursday filing on the Hong Kong bourse.

Esprit Regional is primarily engaged in wholesale and e-commerce distribution of apparel and accessories while Esprit Retail is primarily engaged in retail distribution of apparel and accessories. The two companies account for less than 2% of the parent's revenue.

The company believes that these two units will not be able to meet their financial obligations and liquidating them is the best option.

The company's stocks were almost 3% down in recent trading.

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