Gap just announced they’ll be closing 230 locations and will be splitting off from Old Navy, which will now function as an independent company.
There’s no word as to which stores will be closing or if the closures will be worldwide or just North American locations.
There are currently 806 Gap locations in North America, 320 in Asia and 155 in Europe.
Closures expect to happen throughout 2019, and will finish up in 2020.
Oh……. and Ladies you might want to stock up on the bras and panties.
Victoria’s Secret’s parent company, L Brands Inc. has announced it will be closing 53 Victoria’s Secret and PINK stores.
Now that may seem like a lot, but in reality it’s less than five percent of their locations in North America.
A list of impacted stores has not yet been released however initial reports indicate 3 Canadian stores will be affected.
The closures are being blamed on rising costs and plateauing sales. L Brands, reported fourth-quarter earnings after the market close on Wednesday. Same-store sales of the Victoria’s Secret brand were down 3% during the quarter and overall in 2018.
