Popular clothes model Gap, which has been a staple in lots of Americans’ wardrobes for years, is the newest firm to announce that it is struggling because of COVID. The retailer has greater than 3,000 areas worldwide, over 2,000 of that are within the U.S. In late August, Gap launched its second-quarter outcomes, which revealed they planned to close greater than 225 Gap and Banana Republic shops in 2020, with extra closures anticipated subsequent yr. And on Oct. 21, Reuters reported that Gap can be contemplating closing additional stores in Europe. For extra on Gap’s struggles, learn on, and for an additional retailer that could not survive the pandemic, This Cult Favorite Store Is Closing All U.S. Locations.
The retailer liable for style staples and iconic emblem sweatshirts did not look forward to finding itself among the many group of struggling companies amid COVID. The New York Post experiences that again in March, initially of the pandemic, Gap predicted that they might solely lose about 90 stores throughout the 2020 fiscal yr. But the fact has been a lot grimmer, as the corporate is shedding greater than double that quantity.
Gap Inc. owns Gap, Banana Republic, Athleta, and Old Navy. According to the second quarter assertion, Gap and Banana Republic had been the lowest-performing shops, inflicting them to expertise extra closures than the opposite two. After deciding which shops would get the ax—many positioned in malls—the corporate has now set its sights on shuttering shops throughout the ocean.
According to Reuters, Gap had 129 shops in Europe on the finish of July, however the firm is now exploring the closure of areas within the United (*200*), France, Ireland, and Italy by mid-2021. As the coronavirus pandemic continues to wreak havoc on companies, Gap could proceed to rack up extra closures.
Gap is much from the primary model that is been hit arduous over the previous a number of months. Keep studying for extra shops which have needed to shut because of COVID, and for a take a look at companies on the brink, These Beloved Stores Could Be Next to Close in Your Town.
Neiman Marcus filed for Chapter 11 bankruptcy in early May and introduced they might be saying goodbye to 22 of their 43 shops. And for a bleaker take a look at the hardships introduced on by the pandemic, 60 Percent of These Closed Businesses Will Never Reopen, Says New Report.
On Sept. 10, Century 21 introduced they’d filed for bankruptcy and could be shutting down all 13 areas.
The iconic division retailer introduced they might be going out of business after submitting for chapter on Aug. 27. And for an additional place you quickly will not have the ability to go to, This Popular Gym Is Closing All of Its Locations.
On July 8, the house items superstore launched an announcement that they might be closing 200 stores over the subsequent two years. And for an additional retailer that may be lacking out of your subsequent procuring journey, discover out Which Mall Mainstay May Be Closing a Store Near You.
The mother or father firm of Kay, Zales, and Jared introduced on June 9 that at the very least 150 U.S. shops would not reopen after closing throughout the COVID pandemic. The firm additionally stated they intention to shut a minimal of 150 extra shops by the tip of the fiscal yr. And for extra shops it is best to put together to say goodbye to, take a look at these Beloved Strip Mall Stores You May Never See Again.
On Aug. 13, the favored low cost retailer, which is over a century outdated, introduced they might be closing all 280 of their stores throughout 30 states.
The curated house items retailer introduced they filed for bankruptcy in mid-May, and could be closing all 540 shops. And for extra up-to-date data, join our every day e-newsletter.