on Thursday that it expects to close more than 225 Gap and Banana Republic stores globally this year, with more closures to come in 2021.
Executives said on the earnings call that since the closures are affecting the Gap and Banana Republic brands, many of the shuttering stores are located in malls. Gap Inc. has closed hundreds of stores over the last several years. In February 2019,it would close 230 Gap stores over the next two years, with about half of those closures happening that year. With Thursday's update on store closures, the company is downsizing its store fleet more than originally planned.
The Gap and Banana Republic brands struggled, however. Gap's net sales were down 28%, while Banana Republic's net sales were down 52%.
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