Gap Closing 175 Stores

Gap logo

CBJ — Well-known retailer Gap is closing about 175 stores across North America over the next couple of years, including 140 this year, as the apparel store struggles in the wake of expanded competition and a young generation that simply isn’t buying the company’s clothing as in years gone past.  It’s not yet known how many jobs will be affected, but it will be substantial. Gap is also shedding 250 jobs at its headquarters in San Francisco.

As of Jan. 31, Gap had about 141,000 full- and part-time employees in about 3,700 company-owned and franchise stores worldwide.

A series of fashion misses has resulted in shoppers turning away from Gap to fast fashion rivals such as H&M, Inditex’s, Zara, and Forever 21.

@CanBizJournal

 

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