News
Gap Closings Come After New NY HQ Lease Signed
The Gap announced Monday it’s closing 175 of its 675 US stores—almost a quarter of its US locations. The news comes just eight days after word broke that it's signing a 10-year, 34k SF lease for its NY HQ operation at 1440 Broadway. The Gap couldn’t be reached to confirm whether the new lease has anything to do with the 250 corporate jobs to be cut as part of the downsizing. The chain reported a 10% drop in same-store sales for the portion of Q2 through May 2. The company has said that 140 of the stores will be closed by the end of this year (but has yet to say which ones). Its 300 outlet stores won’t be affected.
