Gap is at war with landlords!
The American fashion retailer has distinctly told landlords that it plans to shut down all its UK stores by July this year.
Shutting down of stores would mean more job losses and more uncertainties in the retail world.
The move puts more pressure on landlords as the retailer now, reportedly, plans to end the lease contracts early – much to the displeasure of landlords.
The fashion retailer’s decision further strengthens its plans of becoming a fully online business across Europe.
Here it is important to mention that Gap had announced late last year that it was intending to move its operations to franchise-only model in Europe.
Gap, which has 95 stores in the UK, has also offered to pay the landlords reduced rent until July this year.
In December 2020, the retailer had also said that it plans to shut down one of its two stores on the famous Oxford Street.