Banana Republic has confirmed it would close all of its UK stores following falling profits and a “thorough evaluation process”.
Established in 1978, the fashion retailer was bought by Gap five years later and has owned it ever since.
Following an 11 per cent drop in sales in the quarter to April 30 this year, the company announced in May that they would close 20 stores globally.
A spokeswoman told Drapers yesterday that their UK closures have confirmed: “After a thorough evaluation process, the company has decided to close eight Banana Republic stores in the UK. The company anticipates that the majority of the stores will close by the end of fiscal year 2016.”
READ MORE: Banana Republic to join M&S in Paris
Its UK website will continue to operate, but its bricks and mortar stores in Regent St, Kings Rd, Kensington, Canary Wharf, Covent Garden, One New Change, Westfield London and its Bath store on Union St will close down.
The brand will continue to sell in over 90 countries online and in 20 physical stores across the globe online, amassing 650 stores across the US, Japan and Europe.
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