Go to any mall in a decent-sized city, and you'll find a Gap store, maybe a Banana Republic or Old Navy.
Well, maybe you won't. Gap (GPS) said Thursday it plans to cut its North American store count from 889 to 700 by the end of 2013, a decline of 21.3%. From the end of 2007, it represents a 34% decline in store count.
The company said it is not going under. "We are focusing on a smaller and healthier fleet in North America," Chief Financial Officer Sabrina Simmons told a New York investment conference Thursday. It does $14 billion to $15 billion a year in sales.Mooch will have to keep shopping at Target I guess.