High street fashion chain Gap are to close more than 200 stores as the company are to start a worldwide restructuring programme.
San Francisco parent company Gap Inc are to split into two companies, one will consist of Banana Republic, the second company will house the Old Navy brand.
Gap Inc closed all eight UK Banana Republic stores in 2016.
Today we announced that Gap Inc. will be separating into two independent, publicly traded companies: @OldNavy and a yet-to-be named company “NewCo” (@Gap, @Athleta, @BananaRepublic, @Intermix and @HillCity). This is the start of the next phase of our growth story. pic.twitter.com/RfTiF29tnm
— Gap Inc. (@GapInc) February 28, 2019
Art Peck, president and chief executive of Gap Inc, said the company knows “what we need to do to win”.
Peck added, “Combined with the separation we announced today, we will be well positioned to leverage the power of our brands and the talented teams that lead them to accelerate the pace of change, improve execution and deliver profitable growth.”