One of the most famous retail brands in America is announcing major store closures. Customers are going to find it a bit harder to buy some of their favorite products now.
Gap, who is also the parent company for Banana Republic, Old Navy, and Athleta, has announced they are closing about 200 Gap and Banana Republic locations. The news is going to impact roughly 10% of all of their stores.
The company said Wednesday that they plan to close about 200 “underperforming” Gap and Banana Republic locations. Gap's future plans include expanding other stores they own.
However, this isn't a sign of the company going out of business entirely, they are seeking to expand Old Navy stores and Athleta during the next three years. The company is set to open about 270 new locations.
The company also announced they are making a significant investment in their online operations. At a time when customers are purchasing a lot of products online, the move could be a huge one for their bottom line.
What do you think about this? Will you miss shopping at these stores? Let us know in the comments section of our Facebook page! Also, be sure to read our latest story about a famous singer who has passed away after battling cancer.