Gap Canada stores to be included in North American closures, parent company says

230 stores are set to close

People walk by a Gap store in Pittsburgh on Aug. 31, 2017. The parent company of retailer Gap says it will close some stores in Canada as part of a global plan to shutter almost half of the brand’s locations over the next two years. (THE CANADIAN PRESS/AP, Gene J. Puskar)

The parent company of retailer Gap says it will close some stores in Canada as part of a global plan to shutter almost half of the brand’s locations over the next two years.

Gap Inc. is refusing to tell The Canadian Press exactly how many of the 230 stores it is closing will be in Canada, but says the majority of international network closures will be in North America.

READ MORE: HBC shuttering Home Outfitters across Canada

The company says in an email that the move was part of the brand’s commitment to “thoughtfully and decisively” address stores that are underperforming.

The company is expecting the closures to deliver an annualized sales loss of about US$635 million, but says the move should bring about $90 million in annual pre-tax savings.

Gap says it hope the closures and moves it is making to modernize its marketing will help it develop future growth in its stores, outlets and online offerings.

The company also announced plans to split its brands into two publicly traded companies with Old Navy falling into one business and Gap, Banana Republic, Athleta, Intermix and Hill City making up another.

The Canadian Press

Like us on Facebook and follow us on Twitter

Just Posted

Man accused of Brentwood Bay murder appears in court

Alan Chapman tells judge he wants next court appearance to be “as far away as possible”

Victoria couple seeks community’s help after e-bike stolen for second time

Voltbike stolen from parking garage on Quadra Street

American boat strikes reef, sinks near Oak Bay

Two people rescued from boat headed for Orca Island

Final bell could sound for project that allows Victoria grads to dress in style

Magic Wand must find space to store its prom attire for Greater Victoria students by end of June

Staff recommend major boost to Langford council pay

After 13 years without an increase, mayor’s pay would double over next five years

VIDEO: Acknowledging skeptics, finance minister vows to build Trans Mountain project

Bill Morneau said he recognizes ‘huge amount of anxiety’ in Calgary over future of oil and gas sector

Greater Victoria wanted list for the week of June 18

Greater Victoria Crime Stoppers is seeking the public’s help in locating the… Continue reading

POLL: Do you support the government’s decision to approve the Trans Mountain pipeline expansion?

The federal government announced Tuesday its approval for the Trans Mountain pipeline… Continue reading

Sooke council urged to move faster on off-leash dog park plan

Resident questions why five of seven restricted parks are in Sooke

Driver of stolen vehicle caught after fleeing accident scene in Island community

Section of Chemainus Road closed until suspect located and eventually taken into custody

Home care for B.C.’s elderly is too expensive and falls short: watchdog

Report says seniors must pay $8,800 a year for daily visits under provincial home support program

B.C. ‘struggling’ to meet needs of vulnerable youth in contracted care: auditor

Auditor general says youth in contracted residential services may not be getting support they need

Pair of B.C. cities crack Ashley Madison’s ‘Infidelity Hotlist’

Data from the website reveals Abbotsford and Kelowna hottest spots for cheaters

Life’s work of talented B.C. sculptor leads to leukemia

Former Salmon Arm resident warns of dangers of chemical contact

Most Read