Gap announced on Monday that it planned to close one-fourth of its stores in North America over the next few years, potentially affecting thousands of jobs, as the brand struggles to turn around a business mired in a long sales slump.

The retailer said in a statement that it would shutter 175 of its 675 Gap stores in North America, of which about 140 will close in the current fiscal year that will end in January. The closings will leave the Gap label with about 500 specialty stores in the region, in addition to Gap’s 300 outlet stores, which are not being closed.

The bulk of the stores to be closed are in the United States. Gap will also close a limited number of European locations, the company said, though it did not give a specific store count. The retailer is slated to update investors on its turnaround plans on Tuesday.

Gap also said that it would eliminate about 250 corporate jobs this year at its headquarters in San Francisco and in New York and other locations nationwide. But it declined to say how many store employee positions would be lost. The company has about 141,000 full- and part-time employees worldwide, in about 1,600 company-owned and franchise stores. It had been one of the first retailers to raise wages for its hourly workers in a recent wave of pay increases at some of the country’s biggest retailers.