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Gap Inc. exiting malls, to shutter 350 stores by 2024

Gap Inc. exiting malls, to shutter 350 stores by 2024
Posted at 2:34 PM, Oct 23, 2020

NEW YORK (AP) — Gap Inc. is moving away from the nation's malls.

The San Francisco-based brand was for decades a fixture at shopping malls around the country.

Now it says it's closing 220 stores by early 2024.

Back in August, the company announced its plans to close 225 stores globally.

The parent company is also shuttering 130 Banana Republic stores.

The moves announced Thursday are part of a three-year plan that will see Gap focus on outlets and its e-commerce business.

Gap joins other clothing retailers in trying to reinvent themselves during the COVID-19 pandemic.

The outbreak forced many non-essential stores to temporarily close in the spring and early summer.

On Tuesday, the San Francisco-based company said they are "exploring is the possible closure of our company-operated Gap stores in the United Kingdom, France, Ireland, and Italy at the end of the second quarter in 2021."

Gap Inc plans to shut down more Gap and Banana Republic stores amid the pandemic.

By 2024, the company plans to close 350 mall locations in North America.