Grameen UNIQLO is going to close down its clothing business in Bangladesh.
The global clothing brand will close all ten of its stores in the country by 18 June this year, said a press release.
The release issued on Thursday reads, "We regret to inform you that we will close all ten Grameen UNIQLO stores by 18 June in 2023, and the business will be closed down."
"In view of Bangladesh’s significant economic development in recent years, as well as changes to its business environment, we have determined that our company has fulfilled a certain role and has decided to conclude its business activities," the release added.
In 2010, Fast Retailing Co. Ltd, parent company of Grameen UNIQLO, started the social business together with the Grameen Bank Group with the aim of responding to social issues such as poverty, health and education in Bangladesh through a clothing business.
Since 2013, Grameen UNIQLO has opened stores mainly in the capital of Dhaka and conducted business with the aim of improving the lives of the people of Bangladesh by providing clothing to meet the needs of local daily lives and by creating opportunities for employment in safe environments.
Earlier in February this year, the company shut down four of its stores: Nayapaltan, Savar city center, Khilgaon Taltola and New Elephant Road.
The remaining 10 shops they will close soon are: Bashundhara City, Jamuna Future Park, Gulshan-Badda Link road, Bangabandhu road in Narayanganj, Science Lab, Narsingdi, Wari in Old Dhaka, Ring road in Mohammadpur, Metro shopping mall, Jatrabari and Mirpur 12 area.