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Gap, Banana Republic to exit Singapore

Singapore-based F J Benjamin Holdings Ltd., which retails and distributes luxury and lifestyle fashion brands, said it will close all stores of U.S. apparel brands Gap Inc. and Banana Republic in the city-state by the end of February, Inside Retail Asia reported Feb. 22.

The move will mark the exit of the two brands from the Singapore market, as the investment holding company decided not to renew their franchise that is set to expire Feb. 28, the report said.

The company will reportedly close Singapore's three Gap shops and two Banana Republic stores.

Gap and Banana Republic announced their exit on their respective Facebook pages, the report added.