Gap to close nearly 200 stores

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Gap announced Monday that it will close 175 stores in North America this year, leaving about 800 stores open.

The clothing and accessories retailer will also lay off 250 employees from its San Francisco headquarters.

Gap says it plans to close a “limited number” of stores in Europe over the next few years, leaving the company with roughly 1,600 stores worldwide.

The closures won’t affect brands that Gap owns, such as Banana Republic and Old Navy.

Monday’s announcement follows a dismal first quarter sales report, down 10 percent from last year.

Gap has struggled in recent years, especially since its former CEO Glenn Murphy retired in 2014.

 

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