Gap to shutter 175 stores

GapGap Inc. is closing 175 stores in North America this year and next, also laying off 250 people at its San Francisco headquarters.

Gap (NYSE: GPS) did not immediately publish a list of stores slated for closure, with the company’s brands including Old Navy and Banana Republic. The company has locations in Stamford, Danbury, Norwalk, Fairfield, Trumbull, Westport, Wilton and Milford.

Some 300 Gap Outlet stores and Gap Factory Stores will not be impacted by the restructuring. Gap expects the closures to result in $25 million in annual savings.

In a May conference call, CEO Art Peck said the company is working to improve its appeal to women shoppers.

“We are off trend and in some cases, way off the brand,” Peck said. “When the women’s business isn’t working, it does in a brand like Gap … Then the whole family has a negative halo on the rest of the box.”