Gap announced Friday August 28, 2020 that the retail chain is closing more than 225 Gap and Banana Republic store locations this year. Most of the store closures will occur at mall locations.
The announcement amounts to almost three times more than the company previously announced in March 2020 — a closure 90 stores.
Gap recorded a 95% increase in online sales, but net sales were down 18% year-over-year, as the company experienced a 48% decline in store sales during the Coronavirus pandemic, which occasionally caused temporary store closures or limited hours and limited occupancy — especially during the first quarter and second quarter.
“I’m confident that our purpose-driven lifestyle brands, size and scale, and advantaged digital capabilities are helping us win now and position us for growth in the future.”
— Gap CEO Sonia Syngal
Gap was found August 21, 1969 in San Francisco, which is Gap’s home city headquarters. Gap sells apparel, accessories, and personal care products.
The closest Banana Republic store to Arlington Heights is at Deer Park. The closest Gap stores are at Deer Park, Woodfield Mall and Northbrook Court.
Gap and Banana Republic are closing more than 225 store locations this year — nearly three times more than were previously announced — with the company warning more closures would follow next year. https://t.co/blq6QKLtB0
— WISH-TV (@WISH_TV) August 28, 2020
Gap and Banana Republic are closing more than 225 store locations this year — nearly three times more than were previously announced — with the company warning more closures would follow next year. https://t.co/eQrOIY9CMj
— CNN Business (@CNNBusiness) August 28, 2020
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