Gap announces closure of 350 stores by 2024

Gap announces closure of 350 stores by 2024

Once a mall staple, clothing retailer The Gap Inc.announced this week the company plans to close 350 locations in North America.

Company officials said it will shutter 220 Gap stores, or about a third of locations, and another 130 Banana Republic locations, The Associated Press reported.

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The closings are expected to be completed by early 2024.

The move will allow the company to focus on outlet locations and e-commerce.

“We’ve been overly reliant on low-productivity, high-rent stores,” Gap CEO Mark Breitbard said. “We’ve used the past six months to address the real estate issues and accelerate our shift to a true omni-model.”

The Gap and Banana Republic store closings will bring an expansion of the company’s Old Navy and Athleta locations, with between 30 and 40 new locations opening over three years, the AP reported.

Gap is just the latest in the wave of stores closing.

NJ.com has compiled a list of nationwide businesses that have closed some or all locations:

  • 24 Hour Fitness, 130 gyms.
  • AT&T, 250 stores.
  • Bath & Body Works, 51 stores in 2020.
  • Bed Bath & Beyond, 200 stores over two years.
  • Brooks Brothers, 51 stores.
  • GameStop, 320 stores.
  • GNC, 1,200 stores.
  • JCPenney, 168 stores but plans could be adjusted after a recent deal.
  • Justice, 623 stores, according to USA Today.
  • Lane Bryant, more than 150 stores, according to USA Today.
  • Lord&Taylor, 38 stores.
  • Lucky Brand, 13 stores.
  • Microsoft, nearly all locations.
  • Neiman Marcus, 22 stores.
  • Nordstrom, 16 stores.
  • Party City, 21 stores.
  • Pier 1 Imports, 540 stores plus online site.
  • Pizza Hut, up to 300 restaurants.
  • IZOD, Van Heusen, 162 stores.
  • Signet Jewelers (Kay Jewelers, Piercing Pagoda and Zales), 380 stores.
  • Stein Mart, almost all locations.
  • Tailored Brands (Men’s Wearhouse, Jos A. Bank), potentially 500 stores.
  • The Children’s Palace, 300 stores.
  • Ulta Beauty, 19 locations.
  • Victoria Secret, 250 locations.
  • Zara, up to 1,200 stores.