With sales down, Gap announced Thursday it will close 75 stores in its Old Navy and Banana Republic brands.
Most of the stores slated to be shuttered are overseas, including every Old Navy store in Japan. In a conference call with investors, Gap chief executive Art Peck said he's "obviously disappointed that we're going to be discontinuing operations," but it's a "sign of a good company that you acknowledge when a business isn't going to deliver."
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