The Gap clothing retailer recently announced its plan to close 175 of its 675 North American stores, 140 of which will close by the end of 2015, the New York Times reported.
Despite the news, Art Peck, Gap’s chief executive, is confident the company is “going to be positioned to restore the brand and get it back on track as quickly as possible,” he told the NYT.
According to the NYT, the company’s troubles can be attributed to mismanagement, the inability to stay on....