Gap to sell stores in France, Italy to cut costs in Europe
Reuters
Published Jun 30, 2021 02:26PM ET
Updated Jun 30, 2021 02:58PM ET
(Removes extraneous comma in headline)
(Reuters) -Gap Inc is in talks with its partners to sell its stores in Italy and France, the U.S. apparel chain said on Wednesday, as it looks to limit its presence to online in Europe and save costs.
The retailer is also planning to shut all Gap Specialty and Gap Outlet stores in the United Kingdom and Republic of Ireland by the end of September. Shares of the company rose about 3% in afternoon trading.
The owner of Old Navy brand said it was in discussions with Hermione People and Brands, the retail branch of FIB Group, to take over its stores in France, while an unnamed partner is in talks to buy its Italian stores.
The move comes as Gap competes with apparel brands like Zara and H&M for market share. The coronavirus pandemic has compounded troubles by stifling sales at brick-and-mortar stores across the globe.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.