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Gap scales back growth plans

San Francisco – Locally based Gap Inc. plans to record an operating loss in the third quarter before the impact of a tax-related charge of approximately $145 million. The apparel retailer recently reported a 17% decrease in comparable store sales for the month of September.

Gap also plans to increase its square footage in 2002 by roughly 5%. For years, the apparel chain had been growing at a rate of nearly 20% or more.

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