Banana Republic to Close UK Stores
More bad news for Banana Republic. It was announced yesterday the chain is exiting the U.K. starting next year as part of a global re-evaluation of the Gap Inc. brand. Bloomberg reports Gap is closing all eight of its Banana Republic locations in the U.K., with most of the stores shuttered by the end of the fiscal year. The news comes after a rocky year for the Banana Republic brand, including store closures and tumbling sales for the last few quarters.
Total Retail's Take: It's not surprising, but hopefully a good move for an overall restructure for the struggling brand. In addition to closing its Banana Republic stores in the U.K, Gap Inc. announced earlier this year it would also close 75 Old Navy, Gap and Banana Republic stores outside the U.S. to help streamline processes and put in motion a turnaround for 2017. However, with extreme discounting and a lack of vision for the brand, Banana's turnaround is going to have to include more than just streamlining operations.
