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Oct 18 (Reuters) - Gap Inc said it would close all its eight Banana Republic stores in the UK as the ailing apparel retailer focuses on North America to revive its sales.
The company said it expected to close majority of the eight stores by the end of this year, GAP spokeswoman Kari Shellhorn told Reuters in an email statement.
Gap said in May that it would shut 75 Old Navy and Banana Republic stores overseas.
Sales of the Banana Republic and Gap brands have been falling for some time now, with comparable sales at Banana Republic stores down 9 percent last quarter, its sixth straight quarter of decline.
Gap has been struggling to draw shoppers who now turn to fast-fashion retailers such as H&M, Forever 21 and Inditex’s Zara for cheaper and trendier clothes.
Banana Republic will continue to serve its UK customers through its regional website, Gap said.
The San Francisco, California-based retailer’s shares were down about 1 percent at $25.90 in afternoon trade on Tuesday. (Reporting by Jessica Kuruthukulangara in Bengaluru; Editing by Maju Samuel and Martina D‘Couto)