Gap Inc. says it will shift its focus to its growing brands Old Navy and Athleta, and away from the Gap and Banana Republic.

The company said Wednesday that it will close about 200 Gap and Banana Republic stores in the next three years and open about 270 Old Navy and Athleta stores during the same period.

It expects to save about $500 million over that period as a result of the closures and other operational changes.

Old Navy, Gap’s budget brand and biggest division by sales, has been a bright spot for the company, and Gap said it expects Old Navy sales to exceed $10 billion over the coming years. It expects Athleta, its athletic-wear brand, to exceed $1 billion in sales during that time.

Banana Republic and the company’s namesake Gap brand haven’t fared as well in recent years. Sales at both fell last quarter compared with the year-earlier period.

The San Francisco company says Old Navy is on track to surpass $10 billion in sales in the next few years. And Athleta, which sells athletic clothing, is expected to exceed $1 billion in sales.

Shares of Gap rose nearly 5 percent to $25.18 in morning trading.