Gap Inc. plans to close 350 of its eponymous and Banana Republic-branded stores nationwide, mostly in malls, as part of a company-wide restructuring of its brick-and-mortar footprint.
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Nanuet, a shopping mecca, began experiencing a retail crisis at least a year before the coronavirus pandemic. But shutdowns, slow openings and a teetering economy reveal the extent of the weakness and uncertainty going foward.
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Indianapolis-based Simon Property Group has sued The Gap Inc. and associated entities for breach of contract and willfully withholding rent during the coronavirus pandemic.
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Only a month after filing for bankruptcy, the women’s clothing company Charlotte Russe, which has 22 stores in New York including a location in Nanuet, has decided to shutter all of its stores.
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Many major retailers with a high-profile presence at shopping hubs are shuttering their stores as corporations adjust to the SmartPhone and Internet economy, stock market convulsions, and fear of inflation and recession.
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