Gap could close hundreds of stores in a retail rout

Gap — which saw a 7% drop in sales at stores that have been open for a year or longer — is considering closing hundreds of its mall locations as well as some of its flagship stores, CEO Art Peck told analysts in a call Tuesday evening.

The big picture: There are 775 Gap-branded stores worldwide, per CNBC. Declining sales come amid a retail shakeout that has plagued iconic brands like J. Crew, J.C. Penney and Neiman Marcus. Gap's own brand has the weakest sales numbers among the collection of labels it owns, which includes Banana Republic, Old Navy and Athleta, CNBC reports.