Gap closing 75 stores outside North America

Posted online May 20, 2016 | 11:43 am

Gap Inc. announced it's shuttering 75 Old Navy and Banana Republic stores outside North America.

Included in the closures are 53 Old Navy stores in Japan.

The retailer expects to save $275 million a year before taxes by closing the stores.

Gap recently reported a 47 percent drop in first-quarter profits.

Read more from The Associated Press.

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