GAP (GPS) has announced plans to close 140 stores in the United States in 2015.
The closing of 140 of GAP’s specialty stores is part of the company’s plans for a turnaround. This plan actually includes the closure of 175 stores in total over the next few years. The company currently has 800 stores in total, with 500 of them being specialty stores.
GAP made sure to note that none of the stores being shutdown in US will include its Outlet or Factory Stores. The company is also planning to close a few of its store in Europe to help it return to growth.
GAP has also announced that it will be cutting jobs at its headquarters as part of its restructure. This will include 250 jobs being cut in 2015.
GPS shares were up as of Tuesday afternoon.
