Israeli Gap Stores Closing in 2017

Shares of Gap were in focus on Thursday on word that Israelis won't be able to shop at Gap next year.
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Shares of Gap (GPS) - Get Report were in focus on Thursday following word that Israelis won't be able to shop at Gap next year. Israeli company Gottex, which owns the trademark for the retailer in the country, says it will close all seven of its Gap brand stores during 2017. The closure follows underwhelming profits and increased competition from fast-fashion company H&M. TheStreet's Brian Sozzi says closing stores overseas is nothing new for Gap and 2017 may bring more of the same as the retailer struggles with boring product and brutal competition. Back in May, the company said it would close 53 Old Navy stores in Japan and close more Banana Republic locations overseas. Gap said the move would save it about $275 million in annual costs starting next year.

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