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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowGap Inc. says it will shift its focus to its growing brands Old Navy and Athleta, and away from the Gap and Banana Republic.
The company said Wednesday that it will close about 200 Gap and Banana Republic stores in the next three years and open about 270 Old Navy and Athleta stores during the same period.
The locations of the stores to be closed were not immediately available. Indianapolis-area stores with the Gap brand—such as Gap, GapKids and babyGap—are located in Castleton Square Mall and the Fashion Mall at Keystone. Banana Republic maintains stores in Circle Centre mall and the Fashion Mall at Keystone.
The company closed its Gap and GapKids stores in Circle Centre in late 2015.
Low-priced Old Navy has been a bright spot for the clothing retailer, posting rising sales even as they fell at the Gap and Banana Republic.
The San Francisco company says Old Navy is on track to surpass $10 billion in sales in the next few years. And Athleta, which sells athletic clothing, is expected to exceed $1 billion in sales.
Total sales in the 2016 fiscal year were about $15.5 billion. The company counts about 3,200 company-operated stores and 450 franchised stores worldwide.
Shares of Gap rose nearly 5 percent to $25.18 in morning trading.
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