Gap has what it takes to win again. With strong brand awareness and a large, active customer base, we are focusing on harnessing the power of Gap brand in asset-light ways. Going forward, we will look to transform our business model through partnerships that grow and amplify our global reach. Today, we shared with our team that we are starting a strategic review of options for our Gap business in Europe. One of the options being explored is the possible closure of our company-operated Gap stores in the United Kingdom, France, Ireland and Italy at the end of the second quarter in 2021. In addition, we are reviewing our warehouse and distribution model and our Gap and Banana Republic company-owned e-commerce operations in Europe. A possible outcome is the closure of our EU distribution center in Rugby.

Retail sales that occurred outside of stores increased 6.8% compared with October 2016. That's a major deceleration from September, when nonstore sales increased 9.2% year over year. New October retail sales data out this morning suggests that the fourth quarter could be off to a rocky start for e-commerce. Growth in U.S. retail sales that take place outside of stores, known as nonstore sales, decelerated in October, with sales dropping 0.3% compared with September 2017, according to the U.S. Commerce Department. Click Read More below for additional information.

Inspirit Capital, a UK-based investment firm, has entered into a definitive agreement with Wiley to acquire Wiley Edge (“Edge”), an early-career talent, training and placement business serving global employers. The transaction is expected to close in the first quarter of 2024, subject to satisfaction of customary closing conditions. Edge is an industry-leading provider of Hire, Train, Deploy (“HTD”) talent solutions, supporting multinational employers by sourcing, training and deploying high-potential entry-level talent on a contract-to-hire basis. Currently operating in 11 countries, the business plays an important role in addressing the enduring global skills gaps in high-demand areas of technology and business. Edge has a leading recruitment and selection operation, with access to diverse talent around the globe, and delivers bootcamp-style courses through its Academy. In addition to its core early-career HTD services, Edge also offers tailored training programs to reskill clients’ existing workforces, enhancing employee retention and helping employers address internal skill gaps in an increasingly competitive global labor market.