More than 300 store closures are announced in a single day, as the retail apocalypse rips through JCPenney, Gap, and Victoria's Secret

AP

• Gap, JCPenney, and Victoria's Secret announced more than 300 store closures over the course of 24 hours this week.
• All three companies reported declining same-store sales during the critical holiday period.
• These announcements will bring the number of planned store closures this year to nearly 4,500.

Gap, JCPenney, and Victoria's Secret announced more than 300 store closures over the course of 24 hours this week, sending a clear signal that the fallout from the retail apocalypse is far from over. 

Gap said Thursday that it would close 230 namesake stores in the next two years, as it reported that the brand's same-store sales fell 7% during the holiday quarter. The company also said it would spin off its Old Navy brand. 

See the rest of the story at Business Insider

NOW WATCH: McDonald's just added 'Donut Sticks' to its breakfast menu — here's our verdict

See Also:

• The CEOs of YouTube and 23andMe are part of a group of investors making a $55 million bet on Victoria's Secret challenger ThirdLove
• Target is accelerating the lingerie wars with bras that cost under $22
• Retailers are filing for bankruptcy at a staggering rate — and these 17 companies could be the next to default

SEE ALSO: 'Confusing' pricing and too much inventory: JCPenney CEO reveals the company's core problems after 4 months on the job

from Business Insider https://ift.tt/2Ejg9La