Gap to Close 21% of North American Stores

UNDATED - Gap Incorporated has announced plans to close nearly 200 stores in North America over the next two years.  They'll reduce their stores from 889 down to about 700 by the end of 2013.  However, they have not said which specific stores will close.

There are 16 Gap stores in Minnesota, including one in the Crossroads Mall.

Gap's profit fell 19% in the most recent quarter.

As for it's discount chain, Old Navy, Gap says they plan to downsize its store sizes but keep the number of locations about the same.

Meanwhile, Gap continues to expand in Asia.  The company plans to have 45 stores in China by the end of next year.