Gap Inc. will close an estimated 200 stores over the next three years, the apparel company announced Wednesday. Shares jumped 6.41% to $25.57 following the news.
The San Francisco-based retailer is attempting to put more focus on brands that have shown positive growth such as Old Navy and Athleta, and will scale back Gap and Banana Republic stores, which have been struggling in recent years, USA Today reports.
The company plans to open an additional 270 Old Navy and Athleta stores, estimating the new locations will generate profits of more than $10B in Old Navy sales and $1B in Athleta sales over the next few years.
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