Gap Closing 40 Stores

Gap

The realignment of retail continues as Gap announces the closing of 40 stores according to this Business Insider report.

Gap closed 40 stores globally on Sunday, including 29 locations in the US, according to the company’s website.

The closings are part of a previously announced plan to shutter 230 stores over the course of two years.

Gap has said that about 130 locations will close in fiscal 2019, and that a majority of those closings will happen in the fourth quarter, which extends into January 2020.

“We are committed to quickly, thoughtfully, and decisively addressing stores that are underperforming or don’t fit our vision for the future of Gap,” the company said in a statement on its website. “We are confident these closures will strengthen the health of the specialty fleet moving forward and will serve as a more appropriate foundation for brand revitalization.”

While the company is closing Gap-branded stores, it also plans to open stores under other banners including Old Navy and Athleta.

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