Gap to shutter 65 stores owing to sluggish demand

Gap to shutter 65 stores owing to sluggish demand

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, which is struggling to keep its head above troubled waters, has decided to shut 65 stores, as opposed to the previous number of 50 stores.

Gap to shutter 65 stores owing to sluggish demand
Gap Inc, which is struggling to keep its head above troubled waters, has decided to shut 65 stores, as opposed to the previous number of 50 stores.

The company’s shares fell 4.9 percent to $29.21 on Thursday.

The ailing apparel retailer is also all set to close all stores in the UK as it focuses on North America to revive its sales.

The company said it expected to close the majority of the eight UK stores by the end of this year, a Gap spokeswoman told Reuters.

The majority of closures will take place by the end of January, though the apparel maker will continue to serve British customers through a dedicated Banana Republic website.

The company’s net income fell to $204 million, or 51 cents per share, in the third quarter ended Oct. 29 from $248 million, or 61 cents per share, a year earlier.

Excluding restructuring costs, the company earned 60 cents per share, in line with analysts’ estimates.