Esprit is shutting down all of its North American stores (that’s right, all of them)

After last year’s 98-per-cent earnings slump and failure to find a buyer for its tanking business, Esprit has announced plans to close its North American stores. But all is not lost—Esprit plans to find a licence partner to keep their work-safe blouses and sensible skirts alive in North America. CEO Ronald Van der Vis plans to turn the fallen fashion brand around by doubling sales in China within the next four years (Linsanity for spokesmodel, anyone?). The U.S. and Canadian subsidiaries haven’t decided whether to file for Chapter 11 or equivalent Canadian bankruptcy proceedings just yet, but now would be the time to stockpile pencil skirts (the Eaton Centre location is expected to close down in two weeks). Read the entire story [Vancouver Sun] »