Out Of Style: Gap Closing Hundreds Of Stores

(RTTNews) - Gap Inc. announced its plans to close about 200 Gap and Banana Republic stores in the next three years. The retailer also intends to open about 270 Old Navy and Athleta stores during the same period.

The company intends to focus more on Old Navy and Athleta brands as those segments reports better growth rate while Banana Republic and namesake Gap brands continue to drop.

"We're now shifting our focus to growth," Chief Executive Officer Art Peck said in a statement.

Gap expects Old Navy to record $10 billion in sales in the next few years. Athleta, which sells athletic clothing, is expected to exceed $1 billion in sales.