Gap closing Banana Republic UK stores

Image: Gustavo Devito / CC BY 2.0

Gap Inc. plans to close its Banana Republic stores in the U.K. as part of a worldwide evaluation of its business as sales at this division continue to suffer. 

The company will close eight locations in the U.K by the end of the fiscal year, although shoppers there will still be able to place online orders. 

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In May, management said it was assessing the banner's overseas business and yesterday the New York Post reported that some Banana Republic stores were being converted to factory outlets. 

Comp-store sales at Banana Republic fell 9 percent in September and 9 percent in the second quarter ended July 30.