Dr. Ajith Kumar V.V
US retailer Gap could close all of its own UK stores, putting thousands of jobs at risk, as it mulls shifting its operations to franchise-only in Europe. Shops in the UK, France, Ireland and Italy could shut next summer, along with its UK-based European distribution centre, the retailer said. Gap would not disclose the number of UK stores it has, nor the size of its workforce. Falling sales in recent years have been exacerbated by coronavirus disruption. The retailer reported a £740m loss in the three months to May. Instead of operating its own stores, Gap said it was looking at whether to move to a franchise model. The retailer had 129 Gap-branded stores in Europe at the end of July, and about 400 franchise stores.
Source: https://www.bbc.com/news/business-54635810