Gap Canada stores to be included in North American closures, parent company says

230 stores are set to close

People walk by a Gap store in Pittsburgh on Aug. 31, 2017. The parent company of retailer Gap says it will close some stores in Canada as part of a global plan to shutter almost half of the brand’s locations over the next two years. (THE CANADIAN PRESS/AP, Gene J. Puskar)

The parent company of retailer Gap says it will close some stores in Canada as part of a global plan to shutter almost half of the brand’s locations over the next two years.

Gap Inc. is refusing to tell The Canadian Press exactly how many of the 230 stores it is closing will be in Canada, but says the majority of international network closures will be in North America.

READ MORE: HBC shuttering Home Outfitters across Canada

The company says in an email that the move was part of the brand’s commitment to “thoughtfully and decisively” address stores that are underperforming.

The company is expecting the closures to deliver an annualized sales loss of about US$635 million, but says the move should bring about $90 million in annual pre-tax savings.

Gap says it hope the closures and moves it is making to modernize its marketing will help it develop future growth in its stores, outlets and online offerings.

The company also announced plans to split its brands into two publicly traded companies with Old Navy falling into one business and Gap, Banana Republic, Athleta, Intermix and Hill City making up another.

The Canadian Press

Like us on Facebook and follow us on Twitter

Just Posted

South Surrey mom optimistic changes ahead for recovery homes

Maggie Plett met with Min. Judy Darcy Thursday

Surrey lotto winner plans to spoil his kids

Attila Kelemen won $500K in the Daily Grand draw, held on July 8

Uphill battle for Cloverdale cyclist, 64, and her daughters in Cypress Challenge charity ride

Robyn Wells has lost both of her parents and two uncles to pancreatic cancer

Surrey mayor dissolves public safety committee, creates one for police transition

Locke slams the move, saying who McCallum appoints to the committee will be ‘a very large tell’

Canadian national softball team wins second straight Canada Cup

Team Canada defeats Texas-based Scrapyard International in gold-medal game Sunday in South Surrey

‘Bad choices make good stories’: Margaret Trudeau brings her show to Just for Laughs

Trudeau says over the decades she has been suicidal, manic, depressed

Youth seen with gun at Nanaimo mall, suspect now in custody

Woodgrove Centre shut down during police incident

B.C. man dies from rabies after contact with Vancouver Island bat

Last known case of human rabies in B.C. was 16 years ago

Crown recommends up to two-year jail term for former Bountiful leader

Crown says sentence range should be 18 months to two years for Bountiful child removal case

B.C.-wide police efforts identify Vancouver Island robbery suspect

Warrant issued for arrest of North Vancouver man for TD Bank robbery

VIDEO: Wolf spotted swimming ashore on northern Vancouver Island

Island wolf population estimated at under 150 in 2008, says VI-Wilds

Diversity a Canadian strength, Trudeau says of Trump tweets at congresswomen

Trudeau avoided using Trump’s name when he was asked about the president’s Twitter comments

B.C. couple bring son home from Nigeria after long adoption delay

Kim and Clark Moran of Abbotsford spent almost a year waiting to finalize adoption of Ayo, 3

Garneau ‘disappointed’ in airlines’ move against new passenger bill of rights

New rules codified compensation for lost luggage, overbooked flights

Most Read

l -->