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Friday
Oct142011

The Gap to Close 200 Stores in North America

Justin Sullivan/Getty Images(SAN FRANCISCO) -- Faced with declining sales, Gap. Inc announced Thursday that it would shutter about 20 percent of its clothing stores in North America by the end of 2013.

Currently, there are nearly 900 stores and within two years, only 700 Gaps will stay open.

The problem is that Gap's mid-priced clothes are being squeezed out by customers looking for items either on the high or low end of the scale.  Old Navy and Banana Republic, which are also owned by Gap Inc., are also seeing sales drop off but not as drastically.

Meanwhile, the Gap is looking East for some answers.  It plans to triple its stores in China from 15 to 45.

Copyright 2011 ABC News Radio

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