Gap Inc says it is shutting 230 of its stores.
The fashion firm also said splitting off its Old Navy brand, which will be a standalone company.
They say it's part of restructuring efforts aimed at "revitalising" the company.
According to latest figures, sales at Gap are continuing to fall while Old Navy's revenues are on the rise.
Trump confident of deal after 'successful' US-China talks
US President Donald Trump said he was confident of hashing out a deal with President Xi Jinping, whom he is expected to meet next week, after top economic officials from both countries concluded two days of discussions on Sunday to de-escalate a trade war.
70 patents submitted by TII cement UAE's global scientific stature
The Technology Innovation Institute (TII) has announced it currently has 70 patents in process across a wide range of advanced technology fields, an achievement that reflects the high output of its nine research centres.
Global Food Week concludes with AED6.6 billion in deals
The largest edition of Global Food Week has concluded in Abu Dhabi, with 58 agreements reached over three days at a value of AED6.6 billion, reflecting a 6.5 per cent increase to the previous edition.
Ferrari aims at AI generation with crypto auction for Le Mans car
Ferrari is tapping into crypto markets and tech-rich youngsters with a planned new digital token that its wealthiest fans will be able to use in an auction for a Ferrari 499P, the endurance car that won three straight Le Mans titles.
UAE expands access to government bonds with 'Retail Sukuk' initiative
The UAE Ministry of Finance has launched an initiative called 'Retail Sukuk', allowing individual investors to access Shariah-compliant, government-backed Treasury Sukuk (T-Sukuk) through digital platforms operated by local banks.
