Gap Inc. said it plans to close about 85 stores.
In addition to its namesake chain, Gap also owns Old Navy and Banana Republic. The company said the closures — all planned for fiscal 2008 — will be weighted toward the Gap brand.
A company spokeswoman said today that she did not yet have info on whether these closures would impact Orange County.
In Orange County, the company has 13 Gap stores (including its stores for kids, baby and expecting mothers), 12 Old Navy stores and four Banana Republic shops.
Sales at North America Gap stores open at least a year fell 5 percent in fiscal 2007. They dipped 7 percent in fiscal 2006. These figures are dubbed same-store sales and are considered a key gauge of a retailer’s health.
For Old Navy, same-store sales fell 7 percent in 2007 and dipped 8 percent in 2006. For Banana Republic, they rose 1 percent in 2007 and were flat in 2006.
CEO Glenn Murphy said the closures will come at a decelerating rate. Over the last six years, the retailer closed 800 stores, according to a transcript of a recent conference call provided by Seeking Alpha.
Today, there are about 1,250 Gap stores, 1,060 Old Navy stores, 560 Banana Republic stores in North America.
The company also plans to open about 100 stores in fiscal 2008, which will run through January 2009. (Photo from Gap Web site.)
More from OC Retail:
- Big store at The Block may close
- Macy’s exec addresses store closure rumors
- Home Depot wants more business from Hispanics
- Fire update: Brea Mall stores reopen
- Downtown Disney store to close
- Nordstrom reduces prices on 800-plus styles
- 1,000-plus store closures expected after Christmas
- Brea Mall store closes
- Bankrupt discount retailer closing big O.C. store
- O.C. sales tax to jump to 9.25%? What are retailers saying?
- Nordstrom half-yearly sale start date
- Furniture chain closes O.C. store
- Retailer files for bankruptcy, to close 3 O.C. locations
- Mervyn’s gives liquidation sales date for last 9 O.C. stores
- 5 store, eatery openings for new south O.C. shopping center
- O.C. clothing maker to shut down
- Bella Terra store closes
- Circuit City closing O.C. store
- Bankrupt shoe retailer closing last 2 O.C. stores
- $35 movie ticket may be coming to O.C.
For more from OC Retail, see list of links on right-hand side of this blog.
they have been talking about doing this for years.. dont offer much selection. prices between reasonable old navy and more expense banana rep. no loss.
I sure hope H&M can pick up some good leases.
I wonder what the 100 stores are that they are going to open? Seems to offset the closures lol