Gap closed 40 stores across the world as part of its restructuring process. The US retailer plans to close a total of 230 stores over the next two years. The closings come as part of Gap’s restructuring plan, which includes withdrawing Old Navy from China this year and focusing on its North America market to boost sales. The apparel retailer is focused on aggressively addressing the operational issues that are hindering the performance of its brands. The company’s management structure will be slimmed down in order to speed up decision making as well as a refreshed senior compensation plan, based around performance and accountability. Meanwhile Gap and Arvind have embarked on a water-saving project. This is at Arvind’s denim manufacturing facility in Ahmedabad. The project will save eight million liters of fresh water a day or 2.5 billion liters of freshwater on an annual basis. The first mill in India to manufacture denim, this will now operate entirely with reclaimed water using Membrane Bio Reactor technology, which will treat domestic wastewater drawn from the surrounding community and avoid the use of chemicals in the process.
For restructuring process Gap closed 40 stores across the world
