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Gap to Shutter 175 Stores, Sack 250 Staff to Save $25M Annually

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In a bid to staunch the bleeding caused by yet another disastrous quarter of declining sales, Gap Inc. announced Monday that it plans to close 175 North American full-price stores over the next few years and cut corporate headcount by about 250.

“Customers are rapidly changing how they shop today, and these moves will get Gap to where we know it deserves to be in the eyes of consumers,” CEO Art Peck said, noting that a turnaround attempt has been his top priority since he took the title in February.

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