A "limited number" of European shops would also close, the San-Francisco-based company said in a statement.
In addition, Gap will also cut about 250 jobs from its head office.
It has been struggling with falling sales as it competes with the likes of Europe's H&M and Zara.
Like-for-like sales for the Gap brand fell by 15% in April, compared with a 3% rise in the same month last year.
Chief executive Art Peck said: "Returning Gap brand to growth has been the top priority since my appointment four months ago."
"Customers are rapidly changing how they shop today, and these moves will help get Gap back to where we know it deserves to be in the eyes of consumers," he added.
The store closures will mean a loss of sales worth about $300m, Gap said, with one-off costs expected to be between $140m to $160m.
It did not say how many employees would be laid off as a result.

Andrew Buchanan, 46, from Inverness, died at Raigmore Hospital on Monday.
The crash, involving a black Seat Altea car, happened at about 18:15 on Saturday 4 March at the junction of Kenneth Street and Tomnahurich Street.
Police Scotland said a report had been sent to the procurator fiscal.

Her commitment to the Commonwealth has been unwavering; that of her ministers, in the past, less so.
Take Ted Heath.  For him, in the 1970s, the Common Market trumped the Commonwealth.
Other prime ministers have been wary of a loose affiliation of nations that battled against apartheid in South Africa but which have, sometimes, struggled to uphold principles of accountability and respect for human rights.
But post-Brexit, the club of 52 countries is taking on greater significance for the UK government.
The Commonwealth makes up a relatively small part of UK trade.  As we leave the European Union, Number 10 wants to increase exports to these countries.
Where the baton is headed over the next 388 days, will British goods, in greater numbers, one day follow?
The retailer Gap is to close 175 stores across North America over the next few years as it attempts to turn around the business.
[NEXT_CONCEPT]
A 46-year-old pedestrian has died nine days after being struck by a car on the A82 in Inverness.
[NEXT_CONCEPT]
As she stood on the makeshift stage in the Buckingham Palace forecourt, the Queen might have been tempted to reflect on one of the benefits of longevity.