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August 20, 2019Cart

Business

by Fairfield County Business Journal
by FCBJ

Gap Inc. to close 200 stores, open 270 others; area impact unclear

Gap Inc. has announced plans to close about 200 “underperforming” Gap and Banana Republic stores, and to open  270 Old Navy and Athleta stores over the next three years.

The San Francisco-based clothing retailer did not identify which stores would be closing, nor where it plans to open the new stores.
Area Gap and Banana Republic stores include locations in Danbury, Fairfield, Stamford, Trumbull and Westport in Fairfield County, and in Larchmont, Mount Kisco, Scarsdale, White Plains and Yonkers in Westchester.

The company said Old Navy is on track to surpass $10 billion in sales in the next few years while its athletic wear division, Athleta, is expected to exceed $1 billion in sales. The company expects to realize about $500 million in savings over the next three years by increasing its focus on those two divisions, it said.