Benzinga | Jul 1, 2021 11:56AM EDT

The Gap To Close All Stores In UK And Ireland

The Gap Inc. (NYSE:GPS) has announced it will shut down all 81 of its stores in the UK and Ireland by the end of September and shift to an e-commerce retail strategy for those markets.

What Happened: The San Francisco-based company was founded in 1969 and opened its first store outside of the U.S. in London in 1987; it has been part of the Irish retail environment since 2006.

In announcing the closures, The Gap blamed "market dynamics" in the two countries for its decision and stated its departure from brick-and-mortar retailing would be conducted in a "phased manner" beginning at the end of August.

"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," said the company in a statement.

Related Link: Burberry CEO Marco Gobbetti Resigns To Join Rival Ferragamo

What Else Happened: The Gap is also planning to depart from brick-and-mortar retailing in France and Italy, but is currently in negotiations with other companies to take over those operations.

Closer to home, the company has been in the process of closing its Gap and Banana Republic stores across North America. But for U.K. shoppers, the company's departure is the latest in a growing skein of store closures involving several major retail chains including Marks & Spencer Group ADR (OTC:MAKSY), Debenhams and Laura Ashley.

(Photo: Nick-D / Wikimedia Commons.)