Gap abandoning malls while betting on Old Navy and Athleta

Gap Inc. plans to pull out of most shopping malls, closing 220 of its namesake stores and 130 under its Banana Republic banner by 2024 while adding Old Navy and Athleta stores, the company announced during a virtual investor meeting Thursday. The restructuring plan will result in 80% of Gap stores being outside of mall locations with a shift in focus to outlets and e-commerce for the two brands, ABC News reported. Gap brand CEO Mark Breitbard said in the Thursday meeting that the brand had become…