Banana Republic, owned by parent Gap Inc, is exiting the UK as part of a global evaluation strategy and will close all eight of its UK stores in 2017.
The Gap announced in May that it is re-evaluating its Banana Republic presence overseas due to plummeting sales in recent years. The retailer’s net sales for its European division fell by 15% to $17M in the most recent quarter, Bloomberg reports.
In addition to these closures, the Gap also announced it will close all 53 Old Navy stores in Japan this year, as the discount-retailer has lost major ground to local retailers. [Bloomberg]
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