Gap To Close 140 Stores

The Gap will close 140 stores this year and then an additional 35 in coming years.  About 250 jobs will also be cut at the company's headquarters.  The company says the closures will leave it with 500 North American specialty stores and 300 outlet stores.  The company also said it also will close some stores in Europe.  Gap did not say how many employees will be affected by the store closures.  The announcement comes as the admits several recent mistakes in keeping up with trending fashion, and its women's clothing has been challenged by quality and fit issues.

According to the San Francisco Chronicle:

To continue to grow our business responsibly, we need to establish better rules for the global marketplace to ensure American companies can compete globally. As we increase trade, companies such as Gap Inc. will be able to expand and hire here at home.

Last year, for example, we announced a new $100 million investment in our Fishkill, N.Y., assembly distribution center, which will create 1,200 new light manufacturing jobs that are bolstered by increased global trade. In addition, our increased Central American production is fueling our increased demand for American cotton, as well as U.S.-made yarns and fabrics.