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Gap, Banana Republic to close more than 225 stores this year
Gap plans to reopen stores where coronavirus lockdowns have eased
Cash-strapped Gap Inc. on Wednesday laid out plans to reopen stores in areas where lockdown curbs have eased, while also introducing social-distancing measures. Retailers are trying to restart business activity brought to a standstill due to the COVID-19 lockdowns. Their stores have remained closed for weeks and have resulted in thousands of workers being laid …
Cash-strapped Gap Inc. on Wednesday laid out plans to reopen stores in areas where lockdown curbs have eased, while also introducing social-distancing measures.
Retailers are trying to restart business activity brought to a standstill due to the COVID-19 lockdowns. Their stores have remained closed for weeks and have resulted in thousands of workers being laid off or furloughed.
Several states, led by Texas and Georgia, have begun a phased reopening of businesses as they look to restart their economies, but health experts have warned lifting restrictions too quickly could spark a new wave of infections.
Gap, which had warned it may not survive the next 12 months, said it would open a few stores in Texas this weekend. It aims to reopen up to 800 stores across brands such as Old Navy, Gap and Banana Republic by the end of May.
Shares of the Gap were trading down 3.4 percent in the mid-afternoon, to $7.19.
The company said it would be temporarily closing fitting rooms and restrooms at stores that will be operating with reduced hours, while encouraging shoppers to wear face coverings and maintain distance from one another.
Another mall favorite, Abercrombie & Fitch, has started reopening stores, but did it not provide the number of outlets or their specific locations.
Macy’s department stores and Coach owner Tapestry Inc. have also begun reopening US locations.
