According to The Associated Press, the clothing retailer plans to close 200 Gap and Banana Republic stores in the next three years. The company plans to open 270 new Old Navy and Athleta stores during that time.
The move supports efforts to leverage Old Navy and Athleta, which have reported rising sales, while Gap and Banana Republic have reported drops in sales.
Gap Inc., like many other retailers, has seen the impact of consumers’ preference to shop online, making it difficult for some brick-and-mortar stores to report significant earnings.
According to the AP, Old Navy is on track to surpass $10 billion in sales in the next few years, and Athleta is expected to exceed $1 billion in sales.
Read more at The Associated Press.
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