(MENAFN) Gap announced 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 Peninsula Qatar reported.
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, 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," he said in a statement.
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