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Gap to close 175 namesake stores in North America, lay off 250 HQ employees
San Francisco — Gap Inc. on Monday lowered the boom on its biggest and most troubled division, announcing it would close 175 of its 675 namesake stores in North America over the next few years, with 140 of the closures occurring in the current fiscal year. In line with the closings, the brand’s headquarters workforce will be reduced by about 250 roles this year.
The closings will not impact Gap Outlet and Gap Factory Stores. Gap will also close a limited number of European locations, but it did not give a specific store count.
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Gap eyes Toys ‘R’ Us Times Square space
New York -- Gap Inc. is eyeing the 110,000-sq.-ft. Toys “R” Us flagship at 1514 -1530 Broadway, according to The Real Deal.
Sources say the specialty apparel retailer may split the space between Old Navy and Gap stores.
The massive retail space comes with a hefty price tag: the ground floor alone goes for $2,500 per square foot per year in rent, while the top floor is going for $150 per square foot, and the basement for $350 per square foot.
