(Adds details, shares)
Oct 18 Gap Inc said it would close all
its eight Banana Republic stores in the UK as the ailing apparel
retailer focuses on North America to revive its sales.
The company said it expected to close majority of the eight
stores by the end of this year, GAP spokeswoman Kari Shellhorn
told Reuters in an email statement.
Gap said in May that it would shut 75 Old Navy and Banana
Republic stores overseas.
Sales of the Banana Republic and Gap brands have been
falling for some time now, with comparable sales at Banana
Republic stores down 9 percent last quarter, its sixth straight
quarter of decline.
Gap has been struggling to draw shoppers who now turn to
fast-fashion retailers such as H&M, Forever 21 and
Inditex's Zara for cheaper and trendier clothes.
Banana Republic will continue to serve its UK customers
through its regional website, Gap said.
The San Francisco, California-based retailer's shares were
down about 1 percent at $25.90 in afternoon trade on Tuesday.
(Reporting by Jessica Kuruthukulangara in Bengaluru; Editing by
Maju Samuel and Martina D'Couto)