Gap Inc. Announces 225 Store Closures Amid the Coronavirus Pandemic

After suffering an 18% decline in overall sales.

Fashion 
9,749 Hypes 10 Comments

Shortly after reporting an 18 percent decline in overall sales for the second quarter of 2020, Gap Inc. has now announced that it will be slashing an additional 225 Gap and Banana Republic stores, with more planned closures to come in 2021.

Gap sales were down 28 percent, with Old Navy seeing a 5 percent decline and Banana Republic suffering a 52 percent plummet. The negative results are largely attributed to the ongoing coronavirus pandemic, which had previously already forced Gap Inc. to suspend rent payments, leading to a lawsuit against the retail giant. On the bright side, the company’s e-commerce sales increased by more than double from the same period last year, and online sales growth went up 95 percent during the quarter. It also benefited from selling face masks, which had brought in an extra 130 million USD to its revenue. Gap is now hoping to rely on its recent 10-year deal with Kanye West and his Yeezy brand to revitalize the retailer, expecting the collaboration to expand the brand’s customer base as well as boost revenues.

In other business-related news, Warby Parker is now valued at $3 billion USD.

Read Full Article

What to Read Next

Tenga's Latest Creation Is a Weighted Self-Pleasure Sleeve
Design

Tenga's Latest Creation Is a Weighted Self-Pleasure Sleeve

A 4kg stainless steel version of its iconic sex toy.

'Empire Magazine' Offers First Look at 'Dune's Sandworms
Entertainment

'Empire Magazine' Offers First Look at 'Dune's Sandworms

Along with two covers featuring the film’s all-star cast.

Apple Officially Terminates Epic Games' App Store Developer Account
Gaming

Apple Officially Terminates Epic Games' App Store Developer Account

Leaving its Unreal Engine account intact.

Lister Gives British Automaking Its Most Powerful SUV
Automotive

Lister Gives British Automaking Its Most Powerful SUV

Reaching top speeds of 195 mph.

'Black Panther's' Chadwick Boseman Dies at 43 Following Four-Year Battle With Cancer
Entertainment

'Black Panther's' Chadwick Boseman Dies at 43 Following Four-Year Battle With Cancer

Boseman passed at his home in Los Angeles, with his wife and family by his side.


Burberry.Erry Skates in Unreleased Off-White™ x Air Jordan 4 "Bred"
Footwear

Burberry.Erry Skates in Unreleased Off-White™ x Air Jordan 4 "Bred"

Putting the sneakers to the test.

Big Sean Teases Upcoming 'Detroit 2' Project With New "Don Life" Visual
Music

Big Sean Teases Upcoming 'Detroit 2' Project With New "Don Life" Visual

His new album is set to release September 4.

Run The Jewels' New "Out of Sight" Music Video Transforms Into an Art Museum Heist
Music

Run The Jewels' New "Out of Sight" Music Video Transforms Into an Art Museum Heist

Featuring additional vocals from 2 Chainz.

MOUSSY x ASICS GEL-Kayano 5 OG Is an Exercise in Simplicity
Footwear

MOUSSY x ASICS GEL-Kayano 5 OG Is an Exercise in Simplicity

The Japanese women’s casual brand proves that sometimes less is more with its understated collaboration.

Virtual Reality Militaria Informs Wisdom's High Tech FW20 Collection
Fashion

Virtual Reality Militaria Informs Wisdom's High Tech FW20 Collection

Countless cargo pockets and plenty of functional fabrics.

More ▾
 
We got you covered. Don’t miss out on the latest news by signing up for our newsletters.

By subscribing, you agree to our Terms of Use and Privacy Policy.