Prude Death Investigation

Gap to close more than 200 stores

News

(CNN) – Gap has announced it’s closing more than 225 Gap and Banana Republic store locations this year.

That’s nearly three times more than the company previously announced.

Gap, owner of the Banana Republic brand, had announced in March it would close 90 stores. The drastic increase shows how much retailers are struggling during the coronavirus pandemic.

Gap had a brutal second quarter, which included temporary location closures prompted by the pandemic. However, the second quarter improved significantly compared to the first quarter with online sales nearly doubling year-over-year.

Despite a 95 percent increase in online sales, though, net sales were down 18 percent year-over-year, with the company seeing a 48 percent decline in store sales.

Gap CEO Sonia Syngal said in a statement that the improvement was because the company “rapidly adapted to the changing environment.”

“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,” Syngal said.

Gap said most of the store closures will be mall locations.

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Covid-19 County by County tracker

Trending Stories

Don't Miss

More Don't Miss