2 Gap Stores In NJ Close

NEW JERSEY — Two Gap clothing stores in New Jersey have closed, the company announced on Monday. The store closure was part of a plan announced in February 2019 to close 230 stores across the country.

The two stores that closed were located at Paramus Park Mall in Paramus and on Ridgewood Avenue in Ridgewood, the company said.

Gap management said the stores that closed were either underperforming or no longer fit the vision for the future of the company.

"We are confident these closures will strengthen the health of the specialty fleet moving forward and will serve as a more appropriate foundation for brand revitalization," the company's management said in a statement on its website.

The brick-and-mortar retail landscape continued its decline in New Jersey in 2019 and 2020, with several national chains announcing dozens of store closings by 2020.

Read more: Dozens Of NJ Chain Stores Close In 2019

Last year, the parent company, Gap Inc. announced plans to shutter about 230 stores over the next two years. Last year, the San Francisco-based retail company had a total of 725 specialty stores, not including those in China.

Sales had dropped 5 percent, according to Gap's 2018 earnings report.

The 50-year-old retailer has been mired in a financial swamp over the past few years. Gap is estimating that it will lose about $625 million from the store closure, but then save about $90 million as the process takes shape.

As the retail stores close, a shift to the Gap's e-commerce division will take place, according to the announcement.