Gap Could Close Hundreds Of Stores In Decisions Being Made ‘With Urgency’

Gap Inc. is planning to shutter hundreds of its namesake stores in malls after same-store sales fell 7% at the flagship chain in Q3 2018, according to CNBC. The company will make a decision about closing low-performing stores “with urgency,” which could include closing some of the retailer’s “amazing flagships,” according to CEO Art Peck in a call with analysts.

“There are hundreds of other stores that likely don’t fit our vision for the future of Gap brand specialty store, whether in terms of profitability, customer experience or traffic trends,” said Peck during the call. “The range from the very best to the very worst stores is extremely broad.”

The retailer operates more than 3,200 stores globally, including nearly 800 Gap stores in the U.S. While Gap locations posted disappointing results, sales at Old Navy stores grew by 4% and Banana Republic stores…