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

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Unofficial holidays: Here’s what people are celebrating for the week of Sept. 27 to Oct. 3

World Farm Animals Day, Drink Beer Day and Virus Appreciation Day are all coming up this week

Cannings: MPs working from home important during Covid

“Ottawa is a hot spot for the virus at present … “

Two new COVID-19 cases reported in Interior Health

The total number of Interior Health cases since the beginning of the pandemic is now at 522

Times reporter recalls John Turner’s return to Rossland home

“Mr. Turner treated my wife, Gerry, and I like we were long lost friends.” - Jim Swettenham

B.C. government to destroy old-growth caribou habitat

Letter from Wildsight Conservation Specialist Eddie Petryshen

QUIZ: Do you know what’s on TV?

Fall is normally the time when new television shows are released

A (virtual) walk around the world by 88-year-old B.C. man

George Doi says it’s simple: ‘I like walking’

End of CERB means uncertainty for some, new system for others

As of a week ago, the CERB had paid out $79.3 billion to 8.8 million people

Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

Horgan, Wilkinson trade barbs over MSP premiums, health care at campaign stops

Horgan called a snap election for Oct. 24 earlier this week

PHOTOS: 2nd calf in a month confirmed among Southern Resident killer whale pod

Center for Whale Research said they will eagerly await to observe the calf to evaluate its health

2 British Columbians arrested, 3 at large in massive Alberta drug bust

Eight people are facing 33 charges in what police have dubbed Project Incumbent

Most Read