Gap Inc's To Close 175 Gap Stores In An Effort To Boost Its Profitability
Apparel major Gap Inc recently unveiled plans to close 175 of its specialty Gap stores over the next few years, in order to rightsize the brand’s store fleet. Alongside, the company plans to lay off 250 employees from its headquarters to realign its staff structure with respect to the new operating model. The brand has been struggling with poor customer response and weak store traffic for some time now and the recent plans are expected to bolster its productivity and profitability.