Gap has announced it will close all of its stores across the UK and Ireland as it makes the move to online-only.
The high-street retailer made the decision after sales fell by 9.5 per cent last year resulting in a loss of £40.7 million.
Despite informing staff of the decision this week, it is unclear how many employees will lose their jobs as it makes the phased closure by the end of September.
A total of 81 stores across the UK will close, including the building on Glasgow's Buchanan Street. The retailer opened its first outlets in the UK in 1987 and currently operates in more than 40 countries, with over 460 stores.
In a statement on their website, the clothing retailer said: "As part of our 2023 Power Plan, Gap began a strategic review of the company-operated business in Europe last year with the goal of finding new, more cost-effective ways to maintain a presence and serve customers in Europe. We conducted an extensive evaluation of potential partners for our Gap business in France, Italy, the Republic of Ireland and the United Kingdom. During this process, it became clear that we would likely have a different outcome in each market.
"In the United Kingdom and Europe, we are going to maintain our Gap online business. The e-commerce business continues to grow and we want to meet our customers where they are shopping. We’re becoming a digital first business and we’re looking for a partner to help drive our online business.
"However, due to market dynamics in the United Kingdom and the Republic of Ireland, we shared with our team today that we are proposing to close all company-operated Gap Specialty and Gap Outlet stores in the United Kingdom and Republic of Ireland in a phased manner from the end of August through the end of September 2021.
"We are thoughtfully moving through the consultation process with our European team, and we will provide support and transition assistance for our colleagues as we look to wind down stores."
