GAP Closing Down in Israel
Israeli largest retail franchise group Trimera Brands has announced that it plans to close down the GAP retail chain in Israel during 2017.
The group owned by Joey Schwebel (about 50%) with retail operations in Hungary and Czech Republic, is managing popular brands including Gottex swimwear, Zara, Pull&Bear, Bershka, Massimo Dutti and Nike.
The group has promised it will “make efforts to hire workers from its stores in Israel and to integrate them into alternative corporations in other brands.”
Founded by Donald and Doris Fisher, GAP Inc. is the largest fashion retailer in the United States, and was 3rd in total international locations.
The company and its subsidiaries Banana Republic and Old Navy, are all have registered plummeting sales. Banana Republic announced the closure of it branches in Britain and Old Navy in Japan. GAP in the US has seen fall in profit margins and announced that it would close down 65 stores.
Joey Schwebel purchased the right to GAP activities in January 2012 for NIS 40 million ($10 million). GAP has 7 stores in Israel.
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