Grameen UNIQLO to shut down stores in Bangladesh by June 18

Grameen UNIQLO, social business of Fast Retailing Co Ltd in Bangladesh, is going to shut down all its stores in the country by June 18, according to a press release issued on Wednesday.

Currently, there are 10 Grameen UNIQLO stores in different locations in Bangladesh.

Japan-based Fast Retailing Co Ltd established the clothing business in 2010 in partnership with the Grameen Bank Group with the aim of tackling social issues such as poverty, health and education in Bangladesh, it said.

Since 2013, Grameen UNIQLO has provided local employment opportunities and met the daily clothing needs of residents of the capital Dhaka.

‘With Bangladesh’s significant economic development in recent years and changes to its business environment, Fast Retailing has concluded that Grameen UNIQLO has achieved its intended purpose,’ said Fast Retailing Co in the press release.

The company remains committed to Bangladesh, one of its most vital manufacturing locations, it said.

Fast Retailing established a production office in Bangladesh in 2008.