Major retailer's CFO announces closures of two iconic clothing stores and rivals to Abercrombie & Fitch
GAP and Banana Republic are to close over 50 of their stores nationwide, the retailer has announced. Katrina O'Connell, chief financial officer of ...
GAP and Banana Republic are to close over 50 of their stores nationwide, the retailer has announced. Katrina O'Connell, chief financial officer of Gap Inc, confirmed the news on March 9, but didn't give any further details on when and where these stores will close. Some shoppers have already had to wave goodbye to their local branches of the iconic clothing stores. In January, Banana Republic closed down branches in Stamford, Connecticut, Harrisburg, Pennsylvania, and Kentwood, Michigan. The move is part of what's been coined as the ‘ retail apocalypse ', caused in part by the rise of online shopping in the wake of the Covid-19 pandemic.