Oil Prices Rise as Houthi Attacks Threaten Middle East Supply 
Oil Prices Mixed as Russia Diesel Deal and Houthi Attacks Raise Supply Concerns 
New York Times, AFP Join Coalition to Protect Content From AI 
Tesla Holds $960 Million in Bitcoin as BTC Gains Top $710 Million 
Arm Breaches Qualcomm License Deal, Jury Awards $2 
Bank of America Predicts Yen Rebound as USD/JPY Faces Risks 
Asian Stocks Plunge as AI Chip Selloff Hits South Korea and Japan 
CVS Pharmacy Agrees to $315 Million Opioid Settlement 
Binance to Shut Down Crypto Mining Pool Services on November 10 
UK Finance Minister Healey Calls for Fiscal Discipline Amid Global Risks 
IMF, World Bank Meetings Face Global Economic Risks Amid Iran War 
Arm Shares Fall Over 3% After Qualcomm Wins License Dispute 
Gold Prices Rise Above $4,200 as Russia-Ukraine Energy Truce Eases Oil Concerns 
Ripple Mints 19.6 Million RLUSD Amid Banking Expansion 
Bank of America Hit With $1.2 Billion Fine Over Money Laundering Failures 
AT&T Sells Mexico Wireless Business to Televisa for $2 Billion 
Gold Prices Mixed Ahead of US Inflation Data and Fed Rate Outlook 
Add as a preferred source on Google
Gap is closing its stores in the UK and Ireland, and this information was revealed this week. The American apparel chain wants to save on costs, so it will shift to online selling in Europe.
As per Reuters, Gap is planning to close down its Gap Specialty and Gap Outlet stores across the United Kingdom and the Republic of Ireland. If things go as planned, the closures will take place in September.
Gap in talks to sell outlets
In any case, since it is shutting its physical store locations, it was reported that Gap is also in talks with companies for possible sale. It was mentioned that it is currently in discussions with Hermione People and Brands, the retail unit of the FIB Group, for a possible takeover of its retail outlets in France. Additionally, it was said that there is another partner that is in talks to buy the stores in Italy.
Gap made the decision to shut its stores in the said regions as the company competes with other popular labels, including H&M and Zara. The American apparel company wants its market share as well, but the competition is tough.
The difficulty level is even higher due to the COVID-19 pandemic. The crisis just heightened the troubles because of low sales in brick-and-mortar stores. Gap is actually not the only company affected but many more labels around the world.
Store closures and loss of jobs
The Guardian reported that at least 81 stores are affected by the closures of Gap stores, and this will result in loss of jobs as well. It was estimated that more than 1,000 staff might go jobless soon as the company plans to move the selling online.
The shutting of the stores is expected to be completed by the end of September. While this is not good news for some employees, this is a strategic move for Gap. With the closures, the company will be relieved of the expenses that go to lease and other operating costs.
“We believe in Gap’s global brand power. We are executing against Gap’s power plan and partnering to amplify our global reach,” Gap said in a statement. “Through a strategic review begun last fall of our Gap European business, we conducted a thorough evaluation of each market and potential partners.”
