Popular clothing brand Gap, which has been a staple in many Americans' wardrobes for years, is the most recent company to announce that it's suffering as a result of COVID. The store has more than 3,000 locations worldwide, over 2,000 of which are in the U.S. In late August, Gap released its second-quarter results, which revealed they planned to close more than 225 Gap and Banana Republic stores in 2020, with additional closures expected next year. And on Oct. 21, Reuters reported that Gap is also considering closing additional stores in Europe. For more on Gap's struggles, read on, and for another store that couldn't survive the pandemic, This Cult Favorite Store Is Closing All U.S. Locations.
The retailer responsible for fashion staples and iconic logo sweatshirts didn't expect to find itself among the group of struggling businesses amid COVID. The New York Post reports that back in March, at the beginning of the pandemic, Gap predicted that they would only lose about 90 stores during the 2020 fiscal year. But the reality has been much grimmer, as the company is losing more than double that number.
Gap Inc. owns Gap, Banana Republic, Athleta, and Old Navy. According to the second quarter statement, Gap and Banana Republic were the lowest-performing stores, causing them to experience more closures than the other two. After deciding which stores would get the ax—many located in malls—the company has now set its sights on shuttering stores across the sea.
According to Reuters, Gap had 129 stores in Europe at the end of July, but the company is now exploring the closure of locations in the United Kingdom, France, Ireland, and Italy by mid-2021. As the coronavirus pandemic continues to wreak havoc on businesses, Gap may continue to rack up more closures.
Gap is far from the first brand that's been hit hard over the past several months. Keep reading for more stores that have had to close due to COVID, and for a look at businesses on the brink, These Beloved Stores Could Be Next to Close in Your Town.
1 | Neiman Marcus
ShutterstockNeiman Marcus filed for Chapter 11 bankruptcy in early May and announced they would be saying goodbye to 22 of their 43 stores. And for a bleaker look at the hardships brought on by the pandemic, 60 Percent of These Closed Businesses Will Never Reopen, Says New Report.
2 | Century 21
ShutterstockOn Sept. 10, Century 21 announced they had filed for bankruptcy and would be shutting down all 13 locations.
3 | Lord & Taylor
ShutterstockThe iconic department store announced they would be going out of business after filing for bankruptcy on Aug. 27. And for another place you soon won't be able to visit, This Popular Gym Is Closing All of Its Locations.
4 | Bed Bath & Beyond
ShutterstockOn July 8, the home goods superstore released a statement that they would be closing 200 stores over the next two years. And for another store that might be missing from your next shopping trip, find out Which Mall Mainstay May Be Closing a Store Near You.
5 | Signet Jewlers
ShutterstockThe parent company of Kay, Zales, and Jared announced on June 9 that at least 150 U.S. stores would not reopen after closing during the COVID pandemic. The company also said they aim to close a minimum of 150 additional stores by the end of the fiscal year. And for more stores you should prepare to say goodbye to, check out these Beloved Strip Mall Stores You May Never See Again.
6 | Stein Mart
iStockOn Aug. 13, the popular discount store, which is over a century old, announced they would be closing all 280 of their stores across 30 states.
7 | Pier 1 Imports
ShutterstockThe curated home goods store announced they filed for bankruptcy in mid-May, and would be closing all 540 stores. And for more up-to-date information, sign up for our daily newsletter.
