Fashion firm Gap Inc has announced it is shutting 230 stores and splitting off its Old Navy brand, a restructuring aimed at "revitalising" the company.
It emerged as new figures revealed that like-for-like sales at Gap continued to fall while Old Navy's revenue rose.
Old Navy will be a standalone company while a new business, which is yet to be named, will house Gap as well as its other brands including Banana Republic.
Gap Inc said the closures would mainly be in North America.
It is not yet clear how many jobs will be lost or where the closures will occur over the next two years.
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