Thursday, May 19, 2016

Gap to close 75 Old Navy, Banana Republic stores globally

People carrying umbrellas pass by a Gap store on 5th avenue in midtown Manhattan in New York June 16, 2015.  REUTERS/Brendan McDermidApparel retailer Gap Inc said on Thursday it would shut 75 Old Navy and Banana Republic stores globally as the retailer tries to recover from five straight quarters of falling sales.

The store closures will include 53 Old Navy outlets in Japan, the company said in a statement.

The company last week had warned about possible store closures after reporting dismal first-quarter sales of its top three brands.. . . more

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