Gap to close about 350 stores by 2024


Gap to close about 350 stores by 2024
The company says it will close 350 mall locations in North America by 2024. (Source: CNN/file)

(CNN) - Another sign of the times: Gap Inc. is planning to shut down hundreds of its Gap and Banana Republic stores.

The company says it will close 350 mall locations in North America by 2024.

Executives expect about 80 percent of Gap and Banana Republic revenue will come from online sales, strip malls and outlet stores.

The San Francisco-based company is one of the biggest apparel retailers in the U.S. It also owns Old Navy, Athleta and Intermix.

The company is betting on Athleta and Old Navy, with plans to open hundreds of new locations.

Gap Inc. has been struggling, as COVID-19 keeps consumers away from indoor malls. Right now, it’s dealing with several legal battles around rent payments and lease negotiations.

When the current downsizing plan is complete, there will be just 870 Gap and Banana Republic stores in North America, compared to 1,700 a decade ago.

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