Gap Closes 189 Stores, Downsizes Old Navy Stores

Gap announced it will close 189 stores as well as downsize an undisclosed number of Old Navy stores in the U.S. and expand overseas growth. The long-time struggling apparel retailer plans to reduce the number of Gap brand stores by 21% — from 889 to 700 — by the end of 2013. The retailer did not reveal which Gap stores will close.