As Gap Inc. Chief Executive Officer Art Peck evaluated the sprawling chain’s more than 3,000 stores earlier this year, a painful conclusion stared back at him: Hundreds of them could never be saved.
after several previous rounds of store closings, the company’s Gap and
Banana Republic locations were languishing. Same-store sales have fallen
13 of the last 14 quarters at its namesake chain, and they’ve tumbled
the past 10 straight quarters at Banana Republic. The brands were tired,
and something needed to be done.. . . more