200 Gap and Banana Republic stores closing - Palm Springs News, Weather, Traffic, Breaking News

200 Gap and Banana Republic stores closing

Posted: Updated:

By Jackie Wattles

NEW YORK (CNNMoney) -- It's going to be a little harder to find a Gap or Banana Republic store -- but expect to see more Old Navy and Athleta locations pop up.

Gap, the parent company of all of those brands, said Wednesday that it plans to close about 200 "underperforming" Gap and Banana Republic locations.

There are currently about 2,000 Gap and Banana Republic stores worldwide, according to public filings, so the closures would likely impact about 10% of them. Gap declined to specify how many of each brands' stores will close or where the soon-to-be shuttered stores are located.

Both Gap and Banana Republic have seen declining sales in recent years and they've struggled to compete with so-called fast fashion retailers such as Forever 21 and H&M.

Speaking at a retail conference Wednesday, Gap CEO Art Peck described the sales downturns at Gap and Banana Republic as "significant and acute," and admitted the company made "creative missteps" in its efforts to keep the brands competitive.

One bright spot for Gap has been Old Navy -- its less expensive clothing brand.

When Gap reported earnings last month, Old Navy outperformed the other brands once again. While comparable sales at Gap fell by 1% and Banana Republic's sales were down 5%, Old Navy saw a 5% increase.

Gap said in a statement posted online Wednesday that it also expects Athleta, a trendy athletic wear brand, to drive growth.

The company is planning to expand both Old Navy and Athleta by opening up 270 new locations in the next three years.

Gap also said Wednesday that its efforts to beef up its digital business have been largely successful, and that it's "built a highly profitable online and mobile business with double-digit sales growth."

The company added that it plans to continue making "significant" investments in its online operations, including in artificial intelligence technology.

TM & © 2017 Cable News Network, Inc., a Time Warner Company. All rights reserved.

  • Most Popular StoriesMost Popular StoriesMore>>

  • Cathedral City

    Unsolved Candy Cane Lane Shooting Haunts Mother

    Unsolved Candy Cane Lane Shooting Haunts Mother

    Friday, November 17 2017 10:32 PM EST2017-11-18 03:32:48 GMT

    This should be a happy time of year for Roxanne, she has a beautiful baby girl, a boyfriend she loves, but this time of year brings back horrible memories.  "I woke up to no David, no baby it was horrible, it was the most horrible thing I could ever experience," she says. On December 19, 2015, Roxanne was days away from giving birth to her first child, a baby boy. She and her then boyfriend 38-year-old David Chavez, did what many do during the holidays, went for a dri...

    This should be a happy time of year for Roxanne, she has a beautiful baby girl, a boyfriend she loves, but this time of year brings back horrible memories.  "I woke up to no David, no baby it was horrible, it was the most horrible thing I could ever experience," she says. On December 19, 2015, Roxanne was days away from giving birth to her first child, a baby boy. She and her then boyfriend 38-year-old David Chavez, did what many do during the holidays, went for a dri...

  • Man Accused in Decades-Old Desert Hot Springs Murder of Teen in Custody

    Man Accused in Decades-Old Desert Hot Springs Murder of Teen in Custody

    Friday, November 17 2017 11:55 PM EST2017-11-18 04:55:23 GMT

    A man accused of gunning down a Desert Hot Springs teen more than two decades ago was in custody Friday in a case recently reopened by Riverside County prosecutors...

    A man accused of gunning down a Desert Hot Springs teen more than two decades ago was in custody Friday in a case recently reopened by Riverside County prosecutors...

  • Bermuda Dunes

    Local Gun Supporter Destroys AR-15

    Local Gun Supporter Destroys AR-15

    Friday, November 17 2017 2:14 PM EST2017-11-17 19:14:17 GMT
    Chad Vachter has always loved guns. "I think everyone has a right to defend their home, their way of life," he said. Vachter has been a supporter of The Second Amendment since he was young. "I first got into guns when I was a kid hunting with my father," he added. Related: Gun Safety Saves Lives During Holidays Among his prized weapons is an AR-15, but not anymore. Vachter decided to destroy his AR-15 with a sledge hammer. Blow by blow, the semi-au...
    Chad Vachter has always loved guns. "I think everyone has a right to defend their home, their way of life," he said. Vachter has been a supporter of The Second Amendment since he was young. "I first got into guns when I was a kid hunting with my father," he added. Related: Gun Safety Saves Lives During Holidays Among his prized weapons is an AR-15, but not anymore. Vachter decided to destroy his AR-15 with a sledge hammer. Blow by blow, the semi-au...
Powered by Frankly