Gap Takes $40 Mil Hit

According to The Wall Street Journal, Gap, of San Francisco, opened 19 Forth & Towne stores over the past 18 months in a bid to tap the baby-boomer market, long considered underserved by women’s clothing stores that tended to focus on teens and young adults.
But the move failed, and now Gap is closing the chain to refocus on its core brands.
Gap has also recently launched Piperlime, a shoe Web site that sells other companies’ brands. No word on how that operation is fairing.