Gap to close more than 200 stores
Clothing stalwart Gap is closing more than 200 outlets as part of a worldwide restructuring programme.
The retailer’s San Francisco-based parent company, Gap Inc, is splitting into two companies, one of which will consist of the eponymous brand and others including Banana Republic.
A second company will solely house its Old Navy brand, which has been out-performing its stablemates.
Gap Inc said it was undertaking the restructuring exercise in an effort to “revitalise brand health”.
The company has not said where shops will shut or how many jobs will be affected, although all 230 closures over the next two years will be of Gap stores. At the end of 2018, there were 1,242 Gap shops worldwide with 152 in Europe.
Gap president Art Peck said the company knows “what we need to do to win”.
