Gap to Close 189 U.S. Stores

Where will Americans get their khakis now? The clothing retail chain Gap Inc. announced Thursday they would be closing 189 of their North American locations by 2013—and they will be expanding their presence overseas. By 2013, the company will have just an estimated 700 of their “namesake” Gap stores, down from 1,056 in 2007—and they will have closed 34 percent of Gap stores worldwide. But Gap is expanding their stores overseas, opening a flagship store in Hong Kong, and increasing their total number of stores in China from 15 to 45. As for Gap’s other stores, they plan to open a Banana Republic in Paris later this year and will expand Old Navy in Japan within the next 18 months.