Gap has to close all 81 stores in the UK and Ireland. The American fashion brand remains active online – it is an euphemism for a miserable failure.
The shops will close by the end of September. Nineteen branches are closing this month, because the leases are due to expire. Last October Gap announced that it would review all its European activities. This could lead to the closure of all 120 shops in Europe. There is no single reason to pin. Perhaps the most important one is the two years of weak retail sales due to quarantine measures. Other chains have survived it though. When asked CEO Art Peck pointed out that there is significant issue in modern fashion world in general. There is no specific trend or direction the company can capitalise on.
Hell if I know what it means.
In addition to the United Kingdom and Ireland, the brand can also be found in shopping streets in France and Italy. There are talks with take-over candidates.