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Gap to shutter 230 stores over next 2 years

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Gap Inc. signaled plans to close 230 of its stores over the next two years.

Same-store sales, a key metric for retailers, dropped 1 percent during the latest quarter, compared with a 5 percent increase a year earlier.

The company also announced it would split into two publicly traded companies: Old Navy and a yet-to-be-named business that would hold Gap, Banana Republic, Intermix and athletic leisure brands Athleta and Hill City.

Read more from CNBC.

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