In Turnaround Mode, Gap Plans 175 Store Closures And 250 Layoffs In Headquarters

Following consecutive months of disappointing sales results -- April same-store sales plunged 15% while sales in May dropped 6%, a decline twice as large as what the company reported for May 2014 -- The Gap Inc. is in turnaround mode. The retailer announced Monday afternoon that, in an effort to "build for the future," it is closing stores and cutting jobs in its corporate headquarters.