Retail
Gap Closing U.S. Stores, to Expand in China
Stock quotes in this article:GPS
NEW YORK (TheStreet) --Retailer Gap(GPS) plans to close 189 stores in North America by the end of 2013 and will expand in China.
Gap will 700 Gap stores by the end of 2013, down from 1056 in 2007. The company, which owns the Gap, Old Navy and Banana Republic chains, has plans to triple the number of stores it operates in China to 45 by the end of 2012. "This is not a condemnation of our home country, but we are making a prediction that it's slow growth here," Gap CEO Glenn Murphy said Thursday. In its latest second quarter, revenue at Gap's namesake stores in North America fell 3%. -- Written by Joseph Woelfel >To contact the writer of this article, click here: Joseph Woelfel >To submit a news tip, send an email to: tips@thestreet.com.TheStreet Premium Services
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