Gap Store Closings Could Be The Beginning Of 'Mall Deaths'
Gap said Monday it plans to close a quarter of its North American stores and revamp its online efforts.By Katie Link | June 16, 2015
Gap announced Monday that 175 stores across North America will close their doors and 250 corporate jobs will soon be dropped.
To put those numbers in perspective, one-quarter of Gap's North American stores will vanish, and the company will lose about $300 million in sales annually, according to The New York Times.
The retailer best known for iconic denim and staple clothing items has been suffering lately. Forbes reports Gap Global's comp-store sales sank 15 percent in April.