Arab Today, arab today gap to cut north american stores jobs
Last Updated : GMT 16:24:37
Arab Today, arab today
Arab Today, arab today

Gap to cut North American stores, jobs

Arab Today, arab today

Arab Today, arab today Gap to cut North American stores, jobs

Gap
New York - AFP

Gap announced Monday it will close 175 namesake stores in North America and eliminate 250 headquarters jobs as it responds to lower in-store sales with the rise of online shopping.

The youth-oriented apparel retailer said the majority of store closures would take place this year. After the closures, Gap will have about 500 specialty stores in North America and 300 outlet stores.

Gap Inc. chief executive Art Peck, who was promoted in February after leading Gap's growth, innovation and digital business, said a smaller modicum of physical stores was needed given shifting customer tastes.

"Customers are rapidly changing how they shop today, and these moves will help get Gap back to where we know it deserves to be in the eyes of consumer," Peck said.

A company news release did not say how many store jobs would be affected by the  closures, in addition to those in the company's San Francisco headquarters.

"These decisions are very difficult, knowing they will affect a number of our valued employees, but we are confident they are necessary to help create a winning future for our employees, our customers and our shareholders," said Jeff Kirwin, global president for the Gap brand.

Gap expects a one-time charge associated with severance pay, inventory write-offs and lease cancellations of $140-$160 million. Annual savings of $25 million are expected to begin in 2016.

Monday's news release did not mention Gap's other two chains, Banana Republic, which has also struggled with lower sales, and Old Navy, which has seen sales rise of late.

Gap shares rose 0.3 percent in after-hours trade to $38.30.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today gap to cut north american stores jobs Arab Today, arab today gap to cut north american stores jobs

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today gap to cut north american stores jobs Arab Today, arab today gap to cut north american stores jobs

 



Arab Today, arab today Etiquette expert calls for short visits

GMT 16:21 2017 Monday ,26 June

Etiquette expert calls for short visits
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 11:09 2017 Sunday ,25 June

HUAWEI P10 the ‘guru’ of portrait shots
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday