Business News: Gap in Port Jefferson to close

Gap Inc. announced plans last week to close 230 of its namesake brand stores over the next two years as it works to restructure. Gap will close about 130 Gap stores, or more than half of the fleet slated for closure, in 2019.

Among those affected will be the Gap in Port Jefferson, located at 100 Arden Place, which will close on April 25 after 27 years in business.

The retailer will split into two publicly traded companies: Old Navy and a yet-to-be named company that will include the Gap brand, Banana Republic, Intermix and leisure labels Athleta and Hill City.

In a statement Gap said its remaining store fleet will be a “more appropriate foundation” for future growth.