The global apparel retailer operates 3,300 company-owned and 400 franchised stores in 90 countries under the brands Gap, Old Navy, Banana Republic, PiperLime, Athelta, and Intermix.
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He likened it to housing's bubble over a decade ago.
That represents 8% of its American stores.
The clothing chain's best quarter in a while bolsters his case.
No relief is in sight for the once dominant bra brand.
The group of eight retail bosses will meet with members of Congress on Wednesday, sources said.
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Over concerns about racial insensitivity
The founder announced he was stepping down as CEO and will be replaced by Stefan Larsson of Old Navy.