Banana Republic To Close UK Stores

After over a year of disappointing sales, Banana Republic has announced it will close all eight of its stores in the UK.

The majority of the outlets will close by the end of the 2016 fiscal year, according to Business of Fashion. A spokesperson for Banana Republic added that measures were part of a broader strategy outlined in May to “improve the company’s performance in the long-term.”

The Gap Inc-owned brand’s strategy is to concentrate its efforts “on markets most favourable to the brand’s growth,” a spokesperson said. Media reports suggest the retailer will convert some of its full-line stores in New York into outlets in addition to the UK closures.

Earlier this year the San Francisco-based parent company announced it was reassessing the overseas presence of the workwear brand with a view to focus on the North American market to revive sales.

The chain will continue to operate in France and Italy, with one store in each country respectively, as well as stocking the UK via its regional website, Gap said.