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Gap to close 75 stores, Old Navy brand to exit Japan

Gap will close all 53 Old Navy stores in Japan and focus its efforts on China and North America, according to a company statement. The retailer, which operates 3,700 stores worldwide, will close 75 Old Navy and Banana Republic stores outside North America in a cost-cutting measure expected to save the company $275 million annually. Read the The Philadelphia Inquirer story here

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