Gap closing overseas stores




Gap Inc. plans to close all its Old Navy stores in Japan and some Banana Republic stores, mostly outside of North America,

the

Wall Street Journal

reported.

The company will close about 75 stores in an effort to save about $275 million a year, the article said.


Gap recently reported its fifth straight quarter of lower revenue and profit, the article said. S&P Global Ratings and Fitch Ratings have downgraded Gap to junk status, the report said.


Last year, Gap closed dozens of stores in North America, the


Journal


article said. (Source:


Wall Street Journal


, May 20, 2016.)

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