Gap could close all of its UK stores and a distribution centre in Rugby next year.
The US fashion chain said it wants to focus on its domestic business.
Shares in the San Francisco-based company jumped last night after it said that options under consideration included the possible closure of all outlets in Britain, France, Ireland and Italy by mid-2021.
Gap has 129 Gap-branded stores in Europe, with more than 70 in the UK.
Earlier in the year Gap said that it planned to close more than 225 unprofitable Gap and Banana Republic stores globally.
It has also said that it wants to move more to a franchise model and slim-down its warehouse and distribution model.
