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More than 225 Gap, Banana Republic stores worldwide closing in 2020

More than 225 Gap, Banana Republic stores worldwide closing in 2020
Posted at 10:38 AM, Aug 28, 2020
and last updated 2020-08-28 12:38:30-04

The parent company for Gap and Banana Republic announced Friday that they would close more than 225 stores globally to "further advance its long-term strategic priority of a smaller healthier fleet."

The closures are expected to occur this year with more stores closing in 2021, Gap Inc. said in its earnings report.

According to the New York Post, many of the stores closing are located in malls.

Also stated in its earnings report, the company closed 25 Old Navy's, 87 Gap's, 50 Banana Republic's, two Athleta's, one Intermix, and eight Janie and Jack stores in the quarter ending Aug. 1.

Aug. 1 had 3,814 stores worldwide, which is 100 fewer stores that they had on Feb. 1, which was 3,919.

Due to them temporarily closing their stores due to COVID-19, the company stated that they began the quarter with an 18% decline in net sales.