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Adden

Registered: 06/04/03
Posts: 39,201
Loc:
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Gap / Old Navy to close 175 stores
#21812857 - 06/15/15 10:44 PM (8 years, 7 months ago) |
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Gap Is Shutting Down 175 Stores 5 hours ago | Updated 1 hour ago By MARLEY JAY AP ASSOCIATED PRESS
NEW YORK (AP) — Gap plans to close 175 of its namesake stores in North America, or 18 percent of its current total, and cut 250 jobs at its headquarters as the company tries to strengthen the struggling brand.
Gap Inc., which owns Gap, Old Navy and Banana Republic, said Monday it will close about 140 Gap stores in North America in the fiscal year that ends Jan. 31 — and the remainder afterward — based on factors that include location and performance. The San Francisco company also is closing an undisclosed number of stores in Europe. And it's cutting jobs at its headquarters in an attempt to make it faster and more decisive.
The moves are the latest attempt by the once high-flying company to improve the shaky performance at its namesake brand. The brand that used to be a go-to for generations of khaki pants wearers has suffered in more recent years as it's failed to keep up with the right design trends.
To help right the ship, Gap has shaken up its management ranks: Art Peck became CEO in February and leadership of the Gap and Banana Republic brands was changed. The company also has been working to overhaul its fashions to improve their appeal. And it got rid of its Piperlime line.
The latest moves are aimed at making the company more nimble. Gap said the job cuts at its headquarters, in particular, are intended to make it faster and more decisive.
In total, Gap said store closings and job cuts will save it around $25 million a year. The company said it will take about $140 million to $160 million in charges related to the moves.
The stores that will close, which won't include Gap Factory or Gap Outlet locations, have about $300 million in annual sales out of Gap's total of more than $16 billion. The company said it will continue opening stores and will have around 800 North American locations when the closings are complete. Gap had 963 stores in North America as of May 2.
The company declined to say how many people work in those stores. Gap said it will help displaced employees find positions at nearby locations.
Gap doesn't expect the moves to affect its other brands, most of which have been performing better than Gap stores. In fact, Gap Global President Jeff Kirwan told The Associated Press that the company will apply lessons it's learned from its Old Navy brand, which has been a bright spot, to Gap.
So how about the US economy, job growth and stability? "Location and performance."
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memes
Blessed



Registered: 01/11/05
Posts: 27,785
Loc: In a Tree
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Re: Gap / Old Navy to close 175 stores [Re: Adden]
#21813460 - 06/16/15 05:19 AM (8 years, 7 months ago) |
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saw this headline yesterday. really, it's not much of a surprise. when I think about where Gap stores are, they're: in malls, and in suburbia hell mega-mini-malls (you know, those strips of stores that would be considered a mini-mall, except that it's STAPLES and BEST BUY and PETSMART so the buildings are gigantic and shit).
both of those destinations are on the decline with online sales increasing. more and more people are doing their clothes shopping online; ordering 3 sizes of each item and sending back the two that don't fit. I just did it with my new summer clothes. Everything that doesn't fit goes right back in the same box, with the return-shipping label they send with the shipment, and gets dropped off ready-to-go at my local UPS store.
brick and mortar shopping is on the way out~
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DieCommie

Registered: 12/11/03
Posts: 29,258
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Re: Gap / Old Navy to close 175 stores [Re: memes]
#21819120 - 06/17/15 01:35 PM (8 years, 7 months ago) |
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They won't be missed by me. I buy all my clothes online like memes describes. Stepping into a physical location to shop for clothes sounds like a terrible way to spend the day.
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TravelerOfSorts
sober pro


Registered: 06/29/11
Posts: 492
Last seen: 2 years, 4 months
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Re: Gap / Old Navy to close 175 stores [Re: DieCommie]
#21819324 - 06/17/15 02:41 PM (8 years, 7 months ago) |
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Karmaloop.com been using this site for years still moderate prices but everything ships from dealer so if you guys baught 3 things from one brand it would come together but from separate brands its 3 different shipping charges. plus I end up paying duties at the door however because most of the gear is 50% off with a weekly additional coupon the clothes are the cheaper half of the bill. for example 300$ got me 1 sweater 2 shirts 1 pair of pants.... pants haven't arrived yet not have they shipped its 20 days later gee wiz strong US dollar weak canadian dollar.. 4 pieces of clothes 300$.... ffs... 4 fug sakes. anyways its cool sort of anti establishment apparel like i got one shirt with an old art piece thats got angels riding beasts slaying demons. and a Star wars jedi/sith robe its boss.
-------------------- a soul of solitude but a master of ecstacy in waiting for my rebirth cycle i have hopes that when mushrooms find me it will occur then and i can go about the world as a medicine man walking staff in one hand spaceship in the other a journeyman of nature soon to be stepping up to novice hopefully i will have time to become an expert, and i believe only in death will i become a master
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