Retailer Gap to Close 175 Stores

The retailer Gap is to close 175 stores across North America over the next few years as it attempts to turn around the business. The San-Francisco-based company said in a statement that a "limited number" of European shops would also close. In addition, Gap will also cut about 250 jobs from its head office. The company added in its statement that the store closures will mean a loss of sales worth about $300 million, with one-off costs expected to be between $140 million to $160 million.