Though Canadian retail sales have been up since December 2014 and January 2015, they have slowed down across the board, resulting in a high number of store closures and even a decline in sales for some of the biggest retailers.
The San Francisco company Gap Inc. recently announced they would be closing 175 of their namesake stores and cutting 250 jobs at their headquarters. The move is an attempt to strengthen the brand and will save the company approximately $25-million a year. Gap Inc. will close 140 stores in North America by next January and the remainder afterward. Although they have not specified which stores will be closing, the factors they will consider include location and performance. They company also did not comment on whether employees will be laid off or relocated. After the closings, Gap will have about 800 stores in North America.
We will keep you updated as this story progresses.