Gap Says It Will Close Underperforming Stores

Gap will seriously consider closing hundreds of "underperforming stores," CEO Art Peck told analysts in a conference call last week. While some of the company's brands reported improvement — like Old Navy, Athleta and Banana Republic — the namesake Gap brand itself had a 7 percent sales decline in the third quarter from a year ago. "We are clearly not satisfied with the performance of Gap brand," Peck said.

 

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