The Gap store at the Maine Mall is closing next month, one of the 175 stores the company said this summer it would close.
The Gap, which is the parent company of Banana Republic and Old Navy, will close its South Portland store on Jan. 26. The retailer is running sales now through its closure to move inventory.
Gap factory and outlet stores are not among those pegged for closure. The company in June said it would close 175 stores – about 18 percent of its domestic footprint – to improve efficiency and productivity. In fiscal year 2014, the company reported net sales of $16.4 billion.
But Gap reported dismal sales for the first quarter of 2015, down 10 percent from the same quarter in 2014. The lackluster performance continued into the second quarter, which saw sales fall 2 percent from the same period in 2014, and again in the third quarter when sales fell 3 percent.
Its third quarter earnings report, published Nov. 19, brought the company’s stock to a three-year low.
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