The group decided to close physical stores and e-commerce operations for brands including Claires, Debenhams, Mothercare, The Body Shop, and Pinkberry in Egypt.

On the other hand, Alshaya will reduce the number of stores operating under American Eagle, Bath & Body Works, H&M, and Victoria’s Secret.

“Alshaya Group has been in the Egyptian market for 18 years, and we are extremely proud of the business we have built. We are committed to the market and look forward to continuing to trade and hopefully growing again soon,” the group said.

Egypt has been facing harsh economic conditions since February 2022. The country’s currency lost nearly half its value in the official market while inflation reached record levels.