Gap said it would shut 75 Old Navy and Banana Republic stores overseas markets, as the struggling apparel retailer focuses on its North American market to revive its fortunes. Shares of the San Francisco-based company were up 4.2 percent in after hours trading on Thursday. The store closures include all its 53 Old Navy outlets in Japan, the company said in a statement.
The company last week warned about store closures after reporting dismal first-quarter sales of its top three brands. “Old Navy’s near-term growth ambitions will be anchored in North America, including its most recent debut of company-operated stores in Mexico, as well as China and its global franchise operations,” the company said in a statement. READ MORE