State Street is losing a national clothing retailer.
The Gap store, 341 State St., is in the midst of a going-out-of-business sale.
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The company announced in February that it was closing 230 of its stores over the next two years, with half of those closings coming this year. According to Business Insider, the retailer saw sales fall over the holidays by 7%.
The company said that its closings are part of a restructuring plan that could also include the sale of its Old Navy stores. Business Insider reported that Gap said it estimates an annualized sales loss of approximately $625 million as a result of the store closures and pre-tax costs of $250 million to $300 million.
The Gap store at West Towne Mall remains open. The State Street store is next door to Ragstock and on the same block as the Soap Opera.
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