Gap announced plans Thursday to shutter 230 Gap stores over the next two years.
The company revealed the closings as part of a restructuring plan that includes the spin-off of its Old Navy brand. Gap also reported Thursday that sales at its namesake brand fell 7% during the critical holiday quarter.
Gap will close about 130 Gap stores, or more than half of the fleet slated for closure, in 2019, the company said.
Gap said it estimates an annualized sales loss of approximately $625 million as a result of the store closures and pre-tax costs of $250 million to $300 million.
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