Gap to close 19 stores in UK by Autumn 2021
Gap is to close 19 stores in the UK and the Republic of Ireland by Autumn 2021, as store leases expire and aren't renewed.
The locations of the 19 store closures has yet to be revealed, with an announcement expected this month.
Gap confirmed to TheIndustry.fashion that the remaining 50 standalone and outlet stores in the UK ROI are still under review, and will continue to operate until a decision has been made about their future.
The company said in October 2021 that it was considering repositioning the business in Europe to a franchise-only model, with more high street shops at risk of going out of business as the Coronavirus pandemic continues to hurt retailers with restrictions, social distancing and behavioural changes directly impacting footfall.
The remaining 50 standalone and outlet stores in the UK ROI are still under review, and will continue to operate until a decision has been made about their future.
In December, TheIndustry.fashion announced that the company was close one of its two stores at London's iconic Oxford Street, with closing down sale signs on display in the store's window.
According to Companies House documents for the year 1 February 2019 - 1 February 2020, Gap's UK division reported £3.27 million of impairment charges on underperforming stores, with sales falling 9.5% to £195.1 million and producing an operating losses of £40.7 million.