​Gap to slash hundreds of jobs, shutter 180 stores

San Francisco clothing giant Gap, Inc. (NYSE: GPS) will lay off 205 workers and shutter 175 stores, the company announced Monday. Most of the job cuts and store closures will be felt in North America. Gap did not specify which stores would close. The company has 24 stores in Georgia. Closing the stores will result in the loss of $300 million in annual sales as well as one-time costs of up to $160 million. The cuts will save the company $25 million annually. Kirwan added, “These decisions are…