Gap prepares to close 230 stores

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NBC News (NBC) - Gap is preparing to close roughly 230 of its stores worldwide over the next two years.

That's about half of its locations.

The retailer says that most of the store closures will be in the U.S.

Gap executives say the stores that are under performing the most will close by the end of this year.

However, about 150 locations are set to close as their leases expire.

Gap plans to spin off its sister store, Old Navy, into its own company.