Sony enters early talks to acquire 20th Century Fox
Longtime country singer, songwriter Mel Tillis dies
AC/DC Guitarist Malcolm Young is Dead at 64
The Partridge Family Star David Cassidy Hospitalized for Organ Failure
Model Gigi Hadid pulls out of Victoria's Secret fashion show in Shanghai
Gap to Shift Focus to Old Navy, Athleta Stores
10 September 2017, 03:36 | Clyde Nash
200 Gap and Banana Republic stores closing Gap Inc. is shifting its retail footprint away from its namesake brand
With its namesake brand losing favor among consumers, Gap Inc (NYSE:GPS) is taking drastic steps to streamline its business and focus on other brands that are performing well.
To that end, Gap will close 200 "underperforming" Gap and Banana Republic stores and add 270 new Old Navy and Athleta stores through 2020, while increasing its online presence.
The company noted that it expects Old Navy sales to surge to over $10 billion over the next few years.
When Gap reported second-quarter earnings on August 17, the NY retailer revealed that Old Navy same-store sales were up 5% year over year, while Gap sales fell 1% and Banana Republic sales dropped 5%. Gap declined to specify how many of each brands' stores will close or where the soon-to-be shuttered stores are located.
House plans Wednesday vote on Harvey aid Of course, increasing the debt limit without taking a look at the nation's spending just perpetuates the problem. Senate Majority Leader Mitch McConnell, R-Ky., predicted bipartisan support to lift the debt ceiling.
"This is an industry that is not historically rewarded scale and leverage", Gap CEO Arthur Peck told analysts at the conference.
Gap's decision to trim the office and cocktail party appropriate Banana Republic while it grows its trendy, yoga pant and athletic clothing brand Athleta is also indicative of a larger cultural trend. But Gap Inc. also has long struggled with its own problems, mired in a sales slump as its clothes don't stand out in an overcrowded landscape.
Gap offers its services through e-commerce platform which includes cross-brand shopping, omni-channel services, pick-up in store, buy online service yet to come and new personalization engine powered by customer data.
Putin: Trump is not my bride
Ms Haley said the United States would circulate new draft sanctions and wants the Security Council to vote on them Sept 11. North Korea on Sunday claimed to have tested a hydrogen bomb that can be mounted to an intercontinental ballistic missile.
Venus Williams, Sam Querrey aim for US Open semifinals
But Querrey wouldn't win another point, with Anderson reeling off the last three to end the match after almost 3½ hours. Momentum swung firmly in Carreno Busta's favour at 3-4 in the second set after the Spaniard fell behind 0-40.
Five things to know about Ohio State
IN found some success in stopping Ohio State's passing attack and the Sooners will look to have an even stronger showing. Now, before you try to haul me off in a straight-jacket and committed to the insane asylum, hear me out.
Trump's deal with Democrats makes Republicans shudder
The U.S. dollar got a boost on news of agreement on the debt ceiling, which caps how much money the U.S. government can borrow. The party in power - in this case Republicans - often argues for as long of a debt limit increase as possible for two reasons.
BDO to advise on potential Bell Pottinger sale
The public relations trade body described Bell Pottinger's work for the South African based Gupta family as "reprehensible". Bell Pottinger has been at the centre of a storm since the #GuptaLeaks emerged.