Here's Why Gap Stock Was Soaring on Thursday

Typically, when a retailer has announced widespread store closures, it isn't necessarily a positive catalyst for its stock price. The company announced plans to close about 350 of its stores, particularly in malls, and anticipates closing about 30% of its Gap and Banana Republic locations by the end of its 2023 fiscal year, with the majority of the closures being completed by the end of fiscal 2021. By the time its planned store closures are complete, Gap says that 80% of its revenue will come from e-commerce and non-mall locations.