Gap Plans to Close Stores, Cut Jobs

Gap Inc. said Monday that it plans to close about 175 North American stores over the next few years “to better reflect how customers shop.”

The retailer said about 140 closures will occur this fiscal year and won't affect Gap Outlet and Gap Factory Stores. After the closings, there will be about 500 Gap specialty stores and 300 Gap outlets in North America. A limited number of European stores also will close.

In addition, Gap plans to eliminate about 250 corporate jobs. The job cuts reflect the company’s broader changes, Gap said, and are meant to speed decision-making and responsiveness.

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