Clothing Chain Closing All U.S. Stores, 13 in New York

A popular clothing chain is no more, at least in the U.S. anyway.

It has been a brutal few years for restaurants and businesses across the country. National chains have been forced to close their doors and another is being added to the growing list.

JoAnn Fabrics, Bed Bath & Beyond, Rite Aid, Big Lots, and Walgreens have all closed up after using the B word. In the restaurant industry the tough times have affected Red Lobster, TGI Fridays, and Applebees.

Esprit Closing All U.S Stores

Esprit, the clothing brand that began in 1968, but became popular in the 80s and 90s will disappear from America.

The company filed Chapter 7 bankruptcy, which differs from Chapter 11 bankruptcy. Chapter 7 is a liquidation process, while Chapter 11 is a reorganization process.

"Having considered the poor business and financial conditions, as well as the unsatisfactory operational results of the US Subsidiaries, the board of directors has concluded that it is unlikely to generate sufficient revenue to cover its high operating costs and fulfill its debt obligations. Therefore, it is desirable and in the best interest to proceed with the Bankruptcy Filing."

There are 80 Esprit locations in the U.S., 13 in New York including the company headquarters in Manhattan. All stores, shops and boutiques will be closed and hundreds of employees will be out of a job.

Central Valley, New York
East Elmhurst, New York
Hartsdale, New York
New York, New York
Ossining, New York
Port Washington, New York

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