Gap Is Closing Hundreds Of Stores

(San Francisco, CA) -- Some Gap stores are closing while Old Navy is launching more locations. 

Gap Incorporated announced Wednesday that it will shut down 200 underperforming Gap and Banana Republic locations. At the same time, the company plans to open 270 discount Old Navy brand and Athleta stores. Last year, Gap said it would close 175 stores after going almost two years without sales growth. The year before, Gap closed 100 stores. Gap operates a major East Coast warehouse in Fishkill.

Showing optimism, the company told its investors it expects Old Navy to exceed ten-billion dollars and Athleta one-billion dollars in net sales in the next few years. Old Navy hit six-billion in sales in 2016.

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Photo:  flickr, FuFu Wolf

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