Gap To Close All Seven Stores in Israel in 2017

Gap fell marginally in Thursday’s afternoon trade after Gottex, which owns the trademark for the retailer in Israel, said it will close all seven of its Gap brand stores in 2017, according to a report on TheStreet.

The report said that the retailer had lackluster profits and faced increased competition from H&M, another fast-fashion company.

Gap had also closed stores in other international locations, such as in Japan, where 53 Old Navy stores were closed, the report added. The closures will save the company about $275 million in annual costs starting next year, the report said.

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