The Gap Announces Plans to Close One-Fifth of US Stores

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Yesterday, the Gap revealed plans to close 21% of its American stores by the end of 2013. This news comes on the heels of a report from the Observer that the Gap plans to close one in every four of its New York stores—a report a Gap spokesperson said was "extremely exaggerated."

The Gap has been talking about reducing its national footprint since 2008, but according to The Washington Post, it didn't mention numbers until this week. In 2007, there were 1056 Gap stores nationwide; by late 2013, there should be only 700. At the same time, the company plans to add 50 new Gap outlets and beef up its presence overseas, tripling the number of Chinese stores by the end of next year. What this all means for New York remains to be seen.
· Gap plans store closures in US, while opening new locations in China [WaPo]
· A Quarter of the Gap's NYC Stores Will Soon Cease to Exist [Racked NY]
· The Gap Responded Vaguely About Those Closing Rumors [Racked NY]