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Gap to Close 200 Stores

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The CEO of the Gap has announced that the company will close 200 of its 900 stores—nearly one-quarter of all Gap stores in the world—by 2013. The Independent reports: "In a masterful attempt at accentuating the positive, Mr Murphy described the brand's repositioning as 'a huge opportunity ... to fill in with trend-right products ... and focus on new category development'. Marketing will shift, he said, 'disproportionately to acquiring new customers'." [Independent]