The company that owns the Gap, Old Navy and Banana Republic chains announced Thursday (Oct. 13) that it would be closing 189, or 21% of its Gap locations, by the end of 2013. The company also plans to triple its number of stores in China, from 15 to around 45.
“The combination of our global strategy and formidable growth platform puts us in a strong position to expand our reach into the top 10 apparel markets worldwide,” says CEO Glenn Murphy, in a statement. “In North America, we’re taking a number of steps to improve sales in the near-term, and I’m confident that with a strong management team in place, we’re well positioned for sustained growth across the business.”
The company plans to add 50 new Gap Outlet stores in the same time period. It also plans to cut down the square footage of its Old Navy stores, which has already been cut by 8% since 2007.
The Gap Girls Lucy, Kristy and Cindy are, like, totally bummed. They wouldn’t be caught dead working at a Gap Outlet.