In yet another sign that traditional “brick and mortar” stores are dying out due to competition from E commerce, one of America’s most iconic clothing retailers, Gap inc., will close 175 of its stores in North America.
Another 140 stores are expected to close in Europe, but Gap will continue to operate 500 stores in North America.
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The company expects to save $25 million a year from the closings. The company will also cut about 250 corporate jobs.
One major problem for the firm has been its failure to keep up with the times. Levis jeans and Gap casual slacks have not been the in thing for years.
“We’re focused on offering consistent, on-brand product collections and enhancing the customer experience across all of our channels, including a smaller, more vibrant fleet of stores, ” said Jeff Kirwan, global president for Gap, in a statement.