**Gap Inc. reported a disappointing holiday quarter on Thursday, with sales missing estimates and the company announcing plans to shutter 230 of its stores over the next two years.**
**The news comes as the struggling retailer attempts to revive its business under new CEO Sonia Syngal, who took over the reins in February. Syngal has been tasked with turning around the company’s fortunes after years of declining sales and a string of executive departures.**
**For the three months ended February 1, Gap reported a 7% decline in comparable sales at its namesake brand, and an 8% decline at its Old Navy brand. The company’s total sales fell 3% to $4.16 billion, below analysts’ estimates of $4.37 billion.**
**The company’s net loss widened to $198 million, or 54 cents per share, from a loss of $171 million, or 45 cents per share, a year earlier.**
**In a statement, Syngal said that the company is “facing a challenging retail environment” and that the company is “taking decisive actions to improve our performance.”**
**The company plans to close 230 stores over the next two years, including 150 Gap stores and 80 Old Navy stores. The closures will leave Gap with about 2,500 stores worldwide.**
**Syngal said that the company is also “investing in our digital business, enhancing our product offerings, and improving our customer experience.”**
**Analysts say that Syngal has a tough task ahead of her. Gap has been losing market share to fast-fashion retailers such as H&M and Zara, and the company has been criticized for its lack of innovation.**
**Neil Saunders, managing director of GlobalData Retail, said that Gap needs to “find a way to differentiate itself from its competitors and to offer something that customers can’t get elsewhere.”**
**He added that the company needs to “invest in its digital business and to improve its customer service.”**
**Gap’s stock fell 10% in premarket trading on Thursday.**
**The company’s sales miss and store closure plans underscore the challenges that Syngal faces as she attempts to turn around the struggling retailer.**
**She will need to make bold decisions and execute them flawlessly if she wants to revive Gap’s fortunes.**.
