Gap And Old Navy Splitting, Gap to Close 230 Stores
Another retailer has announced its shutting hundreds of locations. Will Gap stores in West Michigan survive?
CNBC reports Gap Inc. plans to close about 230 stores over the next two years after reporting "disappointing" sales over the holidays.
The company also announced a split with Old Navy. By 2020, the plan is for there to be two independent publicly traded company: Old Navy, and another yet-to-be-named company which will include Gap, Banana Republic, Intermix, Athleta, and Hill City.
Robert Fisher, Gap Inc.’s Board Chairman said in a release,
It's clear that Old Navy’s business model and customers have increasingly diverged from our specialty brands over time, and each company now requires a different strategy to thrive moving forward."
According to Business Insider, more than half of the closings will happen in 2019.
It has not been announced yet which Gap stores will be closing.