The latest victim of the coronavirus pandemic is Gap. The fashion retailer has just
announced that it is going to close 19 of its stores in the UK and Ireland.
Moreover, a distribution centre in Rugby is in the red.
This news was confirmed by a spokesperson for the firm. The
latter advanced that the chain has decided not to renew its leases that are
meant to expire next month. This is part of a strategic review of its European
operations. The company has not yet revealed which stores will be impacted or
the number of jobs that will be lost. However, it will still have a presence on
the UK high streets. More than 50% of
its outlets will keep operating in the UK and in Ireland, unlike firms such as
TopShop and Debenhams who have disappeared completely from the market.
Like many other retailers, Gap was forced to close its
stores across the world because of the coronavirus pandemic. Following
repercussions, the company, which is also the owner of Banana Republic,
has had to shut the doors of 204 stores permanently last year and it
experienced a loss of $665m (£471m). However, things have gradually been
getting better for Gap
since January 2021. Its sales have been growing.
Gap is reviewing its UK operations © Royalty-free image
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