Monday, November 26, 2018

Gap looking to close hundreds of namesake stores

Chain Store Age
Gap Inc. is set to take drastic action with regards to its ailing namesake division — and sooner rather than later.

Speaking on the chain’s quarterly call with analysts, Gap CEO Art Peck said that the biggest challenge with the Gap brand has to do with certain “legacy elements,” notably real estate obligations that currently “encumber” the business. The company operates 775 Gap stores globally, and “the range from the very best to the very worst is extremely broad,” Peck added. . . . more