Gap reviewing European Union and United Kingdom warehousing and distribution model

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Gap Inc., which is one of the major fixtures in malls, has announced plans to close at least 30% of its outlets scattered in different malls across the country.

Gap Inc plans to shut down more Gap and Banana Republic stores amid the pandemic.

Shares of Gap Inc. stock hit a 52-week high, rising 14 percent on Thursday following the company's announcement to shrink its brick-and-mortar footprint. The Gap has been a mall mainstay, but that's no longer working, the company said, and after the closures 80 percent of the remaining stores will be outside of traditional malls.

The moves come as Gap and other clothing retailers are trying to reinvent themselves during the pandemic, which forced many non-essential stores to temporarily close in the spring and early summer.

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It is looking to shift its operations to a franchise-only model in Europe.

But the company plans to add more of its thriving low-cost Old Navy and Athleta stores.

Gap's comparable sales were up 13 percent at the end of the second quarter, due in large part to an expanded focus on e-commerce and to the success of the company's activewear brand, Athleta, which saw a 6 percent increase in sales during the quarter.

The business is undergoing a revamp, which includes the expansion of its Old Navy and Athleta brands to make up 70pc of total sales compared to the current 55pc, according to Bloomberg. It has about 200 stores in the U.S. Its goal is to have roughly 300.