WILX.com reports that Gap is the latest longtime retail outlet to face the backlash of down sales and consumer trends..

The company will close around 230 of its stores worldwide, accounting for almost half of its stores. The story does say that approximately 150 stores will close due to expiring leases.

The chain also is planning to spin off its Old Navy brand into its own company. Shoppers should expect to see Gap locations close by the end of the year.

For more details, visit this link to WILX.com.