Twenty-eight and counting. That was the milestone apparel giant Gap ( GPS) hit Thursday in its streak of monthly same-store sales declines. Gap reported an 8% decline in stores open at least a year, worse than the roughly 6% drop many expected. And while the company had some good news for investors -- it raised its second-quarter earnings estimate by a penny and named a new head of its U.S. Gap stores division -- the fall in comparable store sales underscores how early the company still is in its turnaround plans, even if a slew of Wall Street analysts have declared the company back on track, a number of observers say. The company still has a mountain of debt, a lame-duck CEO and, with its debt rated junk, little access to the capital markets. The company's plan has been a return to basic fashion, and that is what it has done; the company's fall line is heavy on denim and its colors are muted. When Gap did a $700 million bond deal last fall, the company bought itself about a year before liquidity could be a problem. But the clock is ticking, some Gap bears say, and many feel a radical restructuring is inevitable.