Gap Gives Up on Israeli Market

YERUSHALAYIM -

The fashion brand GAP announced on Thursday the closure of all its branches in Israel, which have failed to compete in the local market since it entered in late 2009, Globes reported.

The chain’s relatively high prices were blamed for disappointing sales figures and loss-making stores.

GAP’s parent company Gottex Brands, better known as Zara Group Israel, promised to help employees in its seven outlets to find alternative jobs.

As of its 2016 first-quarter report, Gap reported that it has nearly 4,000 company-operated stores in 52 countries.