Gap to close stores, cut jobs


ASSOCIATED PRESS: In the face of dwindling demand, Gap has decided to close 175 stores and eliminate 250 jobs at its headquarters.

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ASSOCIATED PRESS: In the face of dwindling demand, Gap has decided to close 175 stores and eliminate 250 jobs at its headquarters.

Gap Inc., which owns Gap, Old Navy and Banana Republic, said Monday it will close about 140 Gap stores in North America in the fiscal year that ends Jan. 31 — and the remainder afterward — based on factors that include location and performance. The San Francisco company also is closing an undisclosed number of stores in Europe. And it’s cutting jobs at its headquarters in an attempt to make it faster and more decisive.

The moves are the latest attempt by the once high-flying company to improve the shaky performance at its namesake brand. The brand that used to be a go-to for generations of khaki pants wearers has suffered in more recent years as it’s failed to keep up with the right design trends.

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