Gap Plans to Shutter 175 Stores, Cut 250 Jobs

Gap is planning to close 175 stores in North America. Of those, 140 will close this fiscal year, the company announced Monday evening. All of those affected will be regular Gap stores, rather than outlets or factory shops. An undisclosed number of European stores are also set to close. This will leave 800 Gap stores in North America, and about 1,600 worldwide. The company said it will also "streamline its headquarter workforce." About 250 employees will be eliminated from Gap headquarters this year. Most of the jobs cut will be in North America.