Gap Inc. to Close 200 Banana Republic, Gap Stores

Gap Inc. announced Wednesday that it plans to close 200 Banana Republic and Gap Stores over the next three years, while opening about 270 new Old Navy and Athleta locations, the Wall Street Journal reported. The closures represent about 10 percent of the company's Banana Republic and flagship stores across the world, and will mostly target “lower-productivity” locations. “We will leverage our iconic brands and significant scale to deliver growth by shifting to where our customers are shopping—online, value and active,” Gap Chief Executive Art Peck said.