Banana Republic 'to close eight UK stores' by end of financial year

The chain, which has a string of London stores including outlets in Regent Street, Kensington and Covent Garden, confirmed the closures to Drapers.

A spokesman told the publication: “After a thorough evaluation process, the company has decided to close eight Banana Republic stores in the UK.

“The company anticipates that the majority of the stores will close by the end of fiscal year 2016.”

The digital arm of the brand will continue to operate but many of its high street stores look set to be axed.

Banana Republic was bought by Gap in 1983.

Back in May, Gap warned it would be shutting 75 Banana Republic and Old Navy stores globally due to falling sales.

Evening Standard has approached Gap for a comment.