WESTCHESTER COUNTY, N.Y. -- Gap, Inc. announced on Monday that 175 of its 675 stores in North America will be closing over the next few years.
Though approximately 500 stores will remain open, as well as 300 outlet stores, the elimination of one-fourth of its stores will result in the loss of thousands of jobs, the Times report said. The company has not yet reported how many jobs will actually be lost among their 141,000 employees, reported the Times.
The brand has struggled along with its sister brand, Banana Republic, as customers take their loyalty to cheaper retailers, according to the Times.
According to the company, at least 250 jobs in its San Fransico headquarters will be eliminated this year, the Times reported.
The company hopes to see savings around $25 million in the beginning of next year, according to the Times.
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