Fast Retailing’s Bangladesh-based business, Grameen Uniqlo, is to shut down, closing all of its remaining 10 stores in the country by June 18. 

“In view of Bangladesh’s significant economic development in recent years, as well as changes to its business environment, Fast Retailing has determined that Grameen Uniqlo has fulfilled a certain role, and has decided to conclude its business activities,” the company said in a statement. 

The Japanese retailer established Uniqlo Social Business Bangladesh Ltd in 2010 in partnership with the Grameen Bank Group with the aim to tackle social issues in the country, including poverty, health and education. 

In 2013, Grameen Uniqlo opened a store primarily in the capital city of Dhaka, proving clothing to meet “the needs of local daily life and by creating opportunities for employment in safe environments”.

The company said it remains committed to Bangladesh and working to improve communities in the country.