Retail
Gap expects about $40 million in expenses associated with the Forth & Towne closures, which are expected to be completed by the end of June.
The closure will affect about 550 employees, and Gap said it is looking at ways to "redeploy" employees to positions in its Gap, Banana Republic and Old Navy brands, where feasible. Meanwhile, the executive changes at the company continue. On Friday, Gap said Michael Cape is joining the company as executive vice president of marketing for Old Navy. Cape, who previously worked for J.C. Penney(JCP), replaces Susan Wayne, who left the company in December. Aside from Pressler, the company also has recently parted ways with Gap brand president Cynthia Harriss and Gap head designer Charlotte Neuville. Shares of Gap recently were down 14 cents to $19.67.TheStreet Premium Services
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note |
|
|---|---|---|---|---|
| 12,419.86 | 1,313.32 | 2,837.36 | 16.00 |
Oil *
103.16
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DOWN
160.83 |
DOWN
19.10 |
DOWN
33.63 |
DOWN
0.25 |
10 Yr
1.60%
SPDR Gold
151.91
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|
-1.28%
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-1.43%
|
-1.17%
|
-1.54%
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Data delayed 20 minutes |
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