Gap to shut more stores than previously forecast

Image: Mike Mozart / CC BY 2.0

Gap announced it would shut more stores than expected as the company anticipates a bigger drop in traffic during the holiday shopping season. The company is now planning to shut down 65 stores by the end of 2016, compared with the previously forecasted 50. Gap has continually struggled to get shoppers as online retailers and fast-fashion chains offer cheaper prices in apparel. (Reuters)