Gap cuts costs to help lift their profits
You know times are hard when one of the biggest retaliers in America are having to cut costs to keep their profits up.
The retailer, which has more than 3,100 stores worldwide, also owns the Old Navy and Banana Republic chains.
Profit rose to $229m from $152m a year ago, but total sales fell 5% to $3.5bn from $3.69bn in the quarter.
The Gap has been cutting costs and reducing their inventory in the hopes that business will pick up again for the 'back to school' shopping crowd.
According to Wikipedia, there are about 3,143 stores operating under the Gap umbrella, but they could be facing store closures as prices continue to rise for things like gas and household bills and people just cannot afford to spend on retail like the used to.
I know the last time I went into a Gap store I was surprised by how little inventory they had, and I couldn't find anything that I liked.
Remember the days when the Gap commercials were so popular that they were heavily watched on YouTube and there was a certain amount of anticipation behind who would be staring in the Christmas Gap commercials? Well, among the teenagers anyway.
The commercial staring Sarah Jessica Parker and Lenny Kravitz has over 150,000 views alone and that's just one version.
Those days seem to be gone for this clothing giant however.