// J.Crew exits UK market
// It had called in liquidators earlier this year
// J.Crew’s exit from the UK comes after its parent company emerged from bankruptcy
J.Crew has reportedly become the latest US retailer to exit the UK, after announcing a raft of store closures.
The fashion retailer had called in liquidators from FRP advisory earlier this year to its UK business, which has a head office in London and employs nearly 80 staff.
It will now permanently close all six of its stores across the UK after a “thorough review”, The Guardian reported.
READ MORE:
- J.Crew to emerge from bankruptcy after court approves restructuring plans
- Market Snapshot: United States of America
J.Crew said it determined that it is “best able to serve UK customers through its global ecommerce platform”.
The company launched its flagship store on London’s Regent Street in late 2013 shortly after testing out a small menswear shop on Lamb’s Conduit Street in Bloomsbury, London.
The business was also taken on by British department store chain John Lewis but the partnership was terminated last year.
Last month, J Crew said it emerged from Chapter 11, a US form of bankruptcy.
This came after winning approval for a plan to cut its debts.
The retailer restructured its business in May after falling out of favour with US shoppers who have turned to European fast fashion companies such as H&M.
Moreover, other high-profile US rivals arrived to the UK, including fast fashion chain Forever 21 and lingerie retailer Victoria’s Secret.
Both companies have put their UK arms into administration after facing difficult trading climates.
British retailer Next recently announced its acquisition of Victoria’s Secret, which means it will operate the lingerie brand’s UK stores and website.
Nevertheless, US denim retailer American Eagle exited the UK less than three years after arriving, while Toys R Us closed all its UK stores in 2018 after going into administration.
Meanwhile, Gap has also closed some of its UK stores including its entire Banana Republic chain.
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