Gap swings to Q2 loss; ups store closures

Gap Inc. swung to a second-quarter net loss as store sales fell 48%, partially offset by surging online sales.

As part of its ongoing fleet optimization efforts, Gap said it expects to close over 225 Gap and Banana Republic stores globally, net of openings, in 2020 with additional closures expected in 2021. (As of August 1, there were 1,643 Gap and Banana Republic stores.). The number adds to the store closings the chain had previously announced. In February 2019, Gap said it planned to close 230 namesake stores during the next two years, with about half the number occurring that year....  

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RSK: I think they will eventually have to partner with Google Shopping or Amazon and go strictly on line.



- - Volume: 8 - WEEK: 36 Date: 9/1/2020 8:35:28 AM -