Clothing giant Gap, Inc. (NYSE: GPS) will lay off 250 workers, including workers at its San Francisco headquarters, and shutter 175 stores, the company said Monday.
Closing the stores will result in a decline of $300 million in annual sales as well as one-time costs of up to $160 million. The cuts will save the company $25 million annually.
“These decisions are very difficult, knowing they will affect a number of our valued employees, but we are confident they are necessary to help create a winning future for our employees, our customers and our shareholders,” said Gap Global President Jeff Kirwan.
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