- Kristopher Fraser
Gap Inc. has closed another 40 stores across the globe. The stores located
throughout the United States, United Kingdom, and Canada all closed on
Sunday. This is all part of Gap’s plan to close 235 stores globally over
the next two years.
The closings are part of Gap’s larger global restructuring plan, which
originally included plans to spin off Old Navy, but that idea has since
been shelved. In November 2019 Gap CEO Art Peck also left the company Gap,
after which Gap shares rose 9 percent.
Gap still plans on withdrawing Old Navy from China entirely so they can
focus on their North American business. Although GAP stores are shuttering
there are still plans to open stores for other brands, including Old Navy
photo: via Gap Facebook page