Gap, Banana Republic stores to shut in Singapore
The sign for a Gap store is seen on 5th avenue in midtown Manhattan in New York June 16, 2015. REUTERS/Brendan McDermid
SINGAPORE: American clothing brands Gap and Banana Republic are shutting their outlets in Singapore, according to FJ Benjamin which manages the stores here.
"FJ Benjamin is closing down its remaining two Banana Republic and three Gap stores in Singapore by the end of this month following a decision not to renew the franchise which expires on Feb 28," a spokesman told Channel NewsAsia.Gap first hinted about the closure on Tuesday (Feb 13) with a Facebook post promoting a storewide sale as they were "saying goodbye".In another Facebook post on Wednesday, Banana Republic said that there were "just 6 days left till we say our final goodbye".
According to CNN, Gap announced in September last year plans to close "underperforming" Gap and Banana Republic stores.Out of the 2,000 Gap and Banana Republic stores worldwide, it was reported that around 10 per cent of them would be affected.Gap CEO Art Peck said that sales downturns were "significant and acute" and cited "creative missteps" in its efforts to keep the brands competitive, reported CNN.Gap added that brands that are doing well, like Old Navy and Athleta, will be opening up new stores and are expected to drive growth instead.