Gap Inc., the American worldwide clothing and accessories retailer, has recently announced it is shutting 230 stores.
Moreover, the company has decided to a split off from its Old Navy brand, in an attempt to restructuring and repositioning of the company.
This move comes against a continuing decline in sales at Gap while Old Navy’s revenue continues to show an increase.
Old Navy will be a standalone company while a new business, which is yet to be named, will house Gap as well as its other brands including Banana Republic.
Gap Inc. said the closures would mainly be in North America.
It is not yet clear how many jobs will be lost or where the closures will occur over the next two years.
Readers Bureau, Contributor
Edited by Jesus Chan
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