Gap to close all stores in UK and Ireland and move online only | Economic news

Gap will close all of its stores in the UK and Ireland, the US fashion retailer has announced.

The move comes after a review of its operations across Europe and will see the company go online only in affected markets.

The stores will gradually close from the end of August to the end of September of this year.

“In the UK and Europe, we will maintain our Gap online business,” a statement read.

“E-commerce continues to grow and we want to meet our customers where they shop. We are becoming a digitally driven company and we are looking for a partner to help us grow our business online.

“However, due to market dynamics in the UK and Republic of Ireland, we today announced to our team that we are proposing to close all of the Gap Specialty and Gap Outlet stores operated by the company in the UK. In the United Kingdom and in the Republic of Ireland gradually from the end of August to the end of September 2021.

“We are moving thoughtfully through the consultation process with our European team, and will provide support and transition assistance to our colleagues as we seek to close our stores.”

Gap, headquartered in California, was founded in 1969 by Donald Fisher and Doris Fisher.

The fashion giant has 81 stores in the UK and Ireland and includes brands such as Old Navy and Banana Republic.

In 2016, it closed its Old Navy branches in Japan and over the next two years it closed stores in Israel and Australia.

The move is yet another blow to the UK’s Main Street, which has already lost Debenhams and Arcadia during the pandemic.

Debenhams closed its last stores on May 15 and was acquired by Boohoo for £ 55million in January – continuing to operate only online.

Arcadia, the group…