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Banana Republic to close all UK stores

Banana Republic is to close all eight of its UK stores by the end of its 2016 financial year.

banana republic

banana republic

The retailer was established in 1978 and acquired by Gap in 1983. In London, it has stores on Regent Street and Kings Road, and in Kensington, Canary Wharf, Covent Garden, One New Change and Westfield London. Its Bath store is on Union Street.

In May, the retailer said it would close around 20 stores globally as sales fell 11% for the quarter to 30 April compared with the previous year.

A spokeswoman confirmed to Drapers: “After a thorough evaluation process, the company has decided to close eight Banana Republic stores in the UK. The company anticipates that the majority of the stores will close by the end of fiscal year 2016.”

Banana Republic will continue to operate its UK website.

The menswear and womenswear retailer has around 650 company-operated stores in the US, Japan and Europe, as well as more than 100 franchise-operated stores in more than 20 countries globally. Its online business serves customers in around 90 countries worldwide.

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