Well if you shop at Gap, it’s something to keep in mind next time you head out to pick up some new clothes. Your local gap may no longer be there. This is because the Gap made a big announcement today. It’s one that will affect where a lot of people shop, and where some people work.
According to Reddit, the company announced today that it will be closing 175 stores in North America. It might not seem like a huge chunk, but that means only about 800 stores will remain open. This is an early anouncement, so right now it’s not known where the stores that are closing are located. A few things are known however. One of those is the fact that it is just Gap that is closing, not their affiliated brands like Banana Republic and Old Navy.
When it comes to those employees being affected, the main lay-offs will be seen in the San Franciso headquarters. Gap has been struggling and by doing this they are hoping to cut costs and boost sales. For a while, customers have been changing how they do their shopping and many of them have been switching to online. That’s a main reason why brick and mortar stores aren’t as necessary as they used to be.
In the meantime, the tahoedailytribune.com and Andy Wirth say Gap will still be looking into more ways in which they can restructure their company and make more money. There’s another meeting coming up soon where they will reveal more information on their plan. As time goes on, word will be out about which Gap stores are closing, and where those employees will be headed.