225+ Gap and Banana Republic Stores to Close, Liquidation Sales Follow
Another in the Covid-19 Pandemic retail apocalypse, Gap, Inc. said yesterday that it will close more than 225 Gap and Banana Republic stores worldwide in 2020, with more closures coming in 2021. During Gap’s quarterly earnings release yesterday, it announced these store closings. Gap operates 3,814 stores in 42 countries, which also include Old Navy, Athleta and Janie and Jack brands.
They also said that many of the soon-to-be shuttered stores are located in malls. A complete List of Gap Stores Closing and Banana Republic locations closing has not yet been released. However, when it is we will update with it.
When stores liquidate, they have clearance sales. Therefore, this news is pertinent and timely for those who would like to shop.
Of course, Gap Inc. temporarily closed all of its stores this spring in response to the Coronavirus Pandemic. After those closures, Gap said Thursday that about 90% of its stores have now reopened.
Our hearts go out to the employees affected by these shutdowns. And, to the consumers who rely on these stores.
COVID Retail Apocalypse
This news comes on the heels of retail giants such as J.C. Penney declared bankruptcy and plans to close 200 stores, And, Victoria’s Secret and Bath & Body Works announced they were closing 300 stores. Gordmans bankruptcy and store closings. Tuesday Morning stores declare bankruptcy. And, of course, Pier One Imports closing all of their stores. Shortly after Neiman Marcus, another department store giant, declared Chapter 11 bankruptcy amid the coronavirus pandemic. And, most recently The Children’s Place announced they would close 300 stores. and 24-Hour fitness closes doors to nearly half of its clubs. See all of the recent store closings in the Covid Retail Apocalypse.
See all the 2020 Stores Closing here.
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Source: Business Insider