Add the Gap to Long List of Stores Closing
Add the Gap to the long list of stores planning to close their doors.
The company announced plans to close around 200 Gap and Banana Republic stores that are underperforming over the next three years.
"Over the past two years, we’ve made significant progress evolving how we operate," said Art Peck, Gap president and CEO in a press release. “We’re now shifting our focus to growth. We will leverage our iconic brands by shifting to where our customers are shopping – online, value and active."
There is some good news. While the Gap and Banana Republic will close, 270 Old Navy and Athleta stores will open as the company expects Old Navy to exceed $10 billion and Athleta to exceed $1 billion in net sales in the next few year.
The list of stores that will close hasn't been released yet.