Esprit has declared insolvency.

The fashion retailer Esprit has declared insolvency for its German companies for the second time, filing for insolvency under self-administration in mid-May. Esprit’s creditors’ committee has unanimously approved the offer from the British private equity investor Alteri Partners, following speculation about interest from Peek & Cloppenburg. Alteri Partners, known for investing in the German CBR Fashion Group, will take over the Esprit brand rights for Europe and other intangible assets. Unfortunately, this means the business will not continue, affecting Esprit’s approximately 1,300 employees. The exact amount paid by the investor for the deal remains undisclosed. Esprit’s holding company in Hong Kong has already given its approval for the deal, following the full takeover of the company by the family office of Hong Kong billionaire Karen Lo after Esprit’s first bankruptcy.