Gap shutting 75 stores this year, 53 in Japan

Retail group Gap Inc. said Thursday it would shutter 75 stores this year amid sagging sales, including 53 of its kids-focused Old Navy brand outlets in Japan. Announcing a fall in first quarter earnings, the San Francisco-based retailer also warned that its might not achieve previous earnings forecasts for this year given the headwinds buffeting the apparel industry. "Old Navy will strategically shift its focus to markets most favorable to the brand's growth," the company said, explaining the Ja