Nearly 200 Gap and Banana Republic stores across the nation will be closing over the next three years as its parent company shifts its focus to growing Old Navy and Athleta brands, Gap Inc. announced.
The company did not say which locations will close.
The company expects to add about 70 net new stores, with the addition of about 270 Old Navy, Athleta and value expressions across the portfolio, the company said.
“Over the past two years, we’ve made significant progress evolving how we operate – starting with getting great product into the hands of our customers, more consistently and faster than ever before,” said Art Peck, president and chief executive officer, Gap Inc.
“With much of this foundation in place, we’re now shifting our focus to growth. We will leverage our iconic brands and significant scale to deliver growth by shifting to where our customers are shopping – online, value and active.”
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