Gap Plans to Close Over 100 Stores By the End of 2013

Retailer, Gap (NYSE:GPS) plans to close over 100 more of its stores in the U.S. by the end of 2013, part of a company strategy to decrease its total square footage across all brands.

During an investor meeting in New York, company executives said that by the end of 2012, Gap will cut down its total real estate square footage in North American by 10% compared to 2007 levels.

Gap brand will slash its square footage 34% overall resulting in 700 U.S. and Canada Gap stores and 250 Gap Outlet stores at the end of 2013.

As of July 30, 2011, Gap brand had 998 stores open in the U.S.

Gap Inc (NYSE:GPS) has potential upside of 8.5% based on a current price of $17.73 and an average consensus analyst price target of $19.24.

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[peaceonhotdogs]

Guess they're trying to close their "Gap" in funds.