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The San Francisco-based company, which had 129 Gap brand stores in Europe at the end of July, said late on Tuesday options being explored include the possible closure of outlets in the United Kingdom, France, Ireland and Italy by mid-2021. The move comes as Gap struggles with out-of-fashion styles, which has pushed shoppers towards apparel brands like Zara and H&M. The coronavirus crisis has compounded troubles by stifling sales at brick-and-mortar sales across the globe. The company also said it was reviewing its warehouse and distribution model and its Gap and Banana Republic-owned e-commerce operations in Europe.
The holiday season is always a backyard brawl for retailers. This year will be no exception as the COVID-19 pandemic rages on.
And here comes the holiday season pain for department stores, argues one long-time retail analyst.