Gap in talks with potential new partner to sell stores in France

On May 17, 2017, a Gap Inc. retail store is seen in La Jolla, California, United States. Mike Blake/REUTERS 30 JUNE (Reuters) – Gap Inc (GPS.N) said on Wednesday that it is in talks with its partners to sell its stores in Italy and France, as it seeks to reduce costs by limiting its presence in Europe to online. By the end of September, the business plans to close all Gap Specialty and Gap Outlet stores in the United Kingdom and Republic of Ireland. In afternoon trade, the company’s stock increased roughly 3%. The owner of the Old Navy brand said it was in talks with FIB Group’s retail arm, Hermione People and Brands, to take over its stores in France, while an undisclosed partner is in talks to buy its stores in Italy. The move comes as Gap fights for market share with clothing retailers such as Zara and H&M. The coronavirus pandemic has exacerbated the problem by restricting sales at physical establishments around the world. (An superfluous comma was removed from the title and the story was resubmitted.) Aditi Sebastian and Praveen Paramasivam in Bengaluru contributed reporting, and Arun Koyyur edited the piece. The Thomson Reuters Trust Principles are our standards./nRead More