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200 Gap, Banana Republic stores closing

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The owner of Gap and Banana Republic plans to close 200 underperforming stores.

Gap, the parent company that also owns Old Navy and Athleta, declined to say how many of each brand would close and where the locations are.

Gap CEO Art Peck said sales downturns at Gap and Banana Republic are "significant and acute." He said the company made "creative missteps" trying to keep the brands competitive.

Read more from CNNMoney.

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