The American-based fashion retailer is currently considering closing all 95 of their UK stores, putting hundreds of jobs at risk.
Gap first announced that it would be considering shifting its European operations to a franchise-only model in October last year; a decision that the fashion company attributed to the Coronavirus and its continued impacts of the retail landscape. Now, property sources have confirmed that the brand is battling with landlords to break least contracts earlier than planned. Although the brand has also offered landlords to pay reduced rent until July.
December last year saw Gap announce that it will close one of its two stores on Oxford Street in London permanently and whilst the brand still operates a store opposite Bond Street station, the closures continue to reflect the ever-impacted high street.
For the year to February 1, 2020 Gap’s sales fell by as much as 9.5 per cent to £195.1M, producing operating losses of £40.7M.
