Gap Inc., Victoria’s Secret among retailers set to close stores

Posted: Updated:
EDISON -

A number of retailers, including Gap Inc., Victoria’s Secret and Abercrombie and Fitch, are set to close many brick and mortar stores in the near future.

Gap Inc. is planning to shut 230 of its namesake brand's stores over the next two years.

This fiscal year, the company expects to close about 50 company-owned stores.

Victoria's Secret is planning to shut 53 stores this year as the lingerie retailer struggles to appeal to more women.

The company has been closing around 15 stores each year on average.

Abercrombie and Fitch says it plans to close up to 40 stores this fiscal year after closing 29 locations last year.

The company also plans to open additional stores this year, to make up for the closures.

Payless filed for bankruptcy in February, and has started the process of shutting all 2,500 of its stores across North America.

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