Gap to close 189 stores in U.S. and Canada.

The Gap clothing chain is closing stores in the U.S. and Canada while expanding in China. The company says it will shut down 189 North American locations by the end of 2013. with an eye on the blossoming Chinese luxury consumer, Gap says it will at the same time bump up its stores in that country to 45. .In its latest quarter, revenue at Gap’s North American stores fell by 3%.