By  on February 26, 2007

Gap announced on Monday that it will close its Forth & Towne division after an 18-month test drive.

After assessing the store concept, management decided Forth & Towne did not have enough potential to deliver long-term return. Instead, the specialty retailer plans on focusing its attention on turning around its core Gap and Old Navy Brands.

The closure of 19 stores will affect approximately 550 employees.

The company expects a pre-tax expense of about $40 million, which will be recognized over the first and second quarter of 2007.

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