Gap to close 81 stores in UK and Ireland Business News

Gap will close all of its 81 stores in the UK and Ireland and go online only with the aim of “meeting customers where they shop,” according to a statement from the brand.

The American fashion giant has pledged to close stores “gradually” later this year, between late August and late September.

The independent previously announced Gap’s earlier plan to close 19 stores in the UK and Ireland this year, after reporting losses of £ 740million in just three months.

It was not immediately clear how many employees the closures would affect, but Gap said he would begin a “consultation process with our European team” shortly.

In the statement, the company revealed that the move followed a strategic review of its European business, which included the sale of outlets in France and Italy.

“We are in talks with FIB to take over all the Gap stores managed by the company in France by October,” we read.

“In Italy, we are in discussions with a partner for the potential acquisition of our Gap stores. We will continue to manage and operate our Gap e-commerce business in the UK and Republic of Ireland. “

The brand also moved to reassure viewers that this was not the end of its presence in the UK. “We believe in the power of the Gap global brand… We are not leaving the UK market. We will continue to manage and operate our Gap e-commerce business in the UK and Republic of Ireland, ”he said.

“Gap has served clients in the UK since 1987 and in the Republic of Ireland since 2006. We are committed to maintaining our presence in these markets. “

It signals the latest blow to main streets across the UK after Debenhams and Arcadia collapsed during the pandemic.

There were 14,809 permanent retail store closures between March 2020 and February 2021, according to the Center for Retail Research.

Gap launched a review of its activity last year after plunging into a loss during various lockdowns, as reported by The independent earlier this month.

In October last year, the chain warned it could potentially close all of its stores in the UK, Ireland, France and Italy as part of the review. It then closed one of its two stores on Oxford Street, London, in December.