Connect with us

Hi, what are you looking for?

Investing

Gap’s UK future in balance as 19 shops shut

Hundreds more retail jobs are expected to be lost after Gap said that it would shut 19 stores as part of a continuing review of its UK operations.

The American clothing brand will have just over 50 stores in the UK after the latest closures. The retailer is exploring whether to become an online-only business in Europe after announcing last autumn that it was considering shifting to a franchise model.

In February The Times reported that landlords were pushing back on Gap’s attempts to break lease contracts early. A property source said the 19 shop closures were lease expiries that had been agreed at the start of the year and there was huge uncertainty. “It’s still a ‘will they, won’t they’ keep trading in the UK, even online. They are being so secretive.”

Gap has secured partnership deals in France and Italy but has not yet confirmed a franchise deal for the UK and Ireland. A spokesman said only: “We are keen to maintain a presence in Europe. While we continue to look at different operating models for our UK and Republic of Ireland business, customers may continue shopping Gap online or at one of our other 50-plus Gap stores.”

Gap, founded in San Francisco in 1969, remains America’s largest specialty clothing retailer but has been faltering during a shift away from shopping malls. Its UK business reported a 9.5 per cent fall in shop sales to £195.1 million and operating losses of £40.7 million in the year to February 1, 2020.

Read more:
Gap’s UK future in balance as 19 shops shut

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

Notice of Annual Stockholders’ Meeting Notice is hereby given that the Annual Stockholders Meeting will be held on Thursday, July 15, 2021 at 8:30...

Investing

The boss of Morgan Stanley, one of the biggest banks on Wall Street, has said he will be “very disappointed” if staff are not...

Investing

NHS workers and care home staff will be legally required to have coronavirus vaccinations under plans that have the personal support of Boris Johnson....

Economy

MONEY SENT HOME by migrant Filipino workers jumped by 12.7% in April, the fastest since November 2016 and reflecting the global economic recovery amid...

Economy

By Luz Wendy T. Noble, Reporter ECONOMIC MANAGERS on Tuesday vowed to push economic recovery this year by keeping the coronavirus pandemic under control,...

Economy

By Luz Wendy T. Noble, Reporter PAMELA SAMIA, 54, lost P145,000 after an unauthorized withdrawal from her ATM account in January. “You’d think your...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Investing

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Economy

US President Joseph R. Biden, Jr., will rely on ally countries to supply the bulk of the metals needed to build electric vehicles and focus on...

Economy

THE Securities and Exchange Commission (SEC) has warned the public from investing or to stop any investment in a group named Maxxprofit Computer Trading...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.



Your information is secure and your privacy is protected. By opting in you agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!