Gap Inc. said Thursday that it is shuttering 75 Old Navy and Banana Republic stores outside North America as the struggling company looks to focus on regions where it sees it has the greatest potential for success.
The closures include 53 Old Navy stores in Japan, Gap said.
The closures represent just a fraction of the over 3,700 stores it operates globally. But the San Francisco-based retailer says it should save it about $275 million a year before taxes.
Gap also indicated it might not meet its earlier profit forecast for the year, noting the clothing business would need to improve in order to achieve that goal.
The announcement came as Gap reported a 47...