Gap to shut one in four N American stores
Of the 175 that will be closed, 140 will be in the current fiscal year ending January
New York
GAP announced on Monday that it planned to close one-fourth of its stores in North America over the next few years, potentially affecting thousands of jobs, as the brand struggles to turn around a business mired in a long sales slump.
The retailer said in a statement that it would shutter 175 of its 675 Gap stores in North America, of which about 140 will close in the current fiscal year that ends in January. The closings will leave the Gap label with about 500 speciality stores in the region, in addition to Gap's 300 outlet stores, which are not being closed.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Consumer & Healthcare
Jim Beam owner bets on canned vodka cocktails to double revenue
Cutting the cord?: Events leading up to Cordlife’s MOH suspension and arrests of its directors, ex-group CEO
Olam outbids Dreyfus’ sweetened deal for Australia’s Namoi, raises offer to A$0.66 per share
Cordlife served letter of demand, notice of claim from customers
IndoAgri appoints former EDB chairman Philip Yeo as chairman and lead independent director
GSK profit drops 23% in Q1 on higher costs