Banana Republic Factory

SAN FRANCISCO— At an investor conference on Thursday, Gap CEO Glenn Murphy announced the company will close 200 of its 900 U.S. namesake stores even as it expands its outlet presence. While the company did not identify which stores will close, Gap said the 200 Gap brand closures over the next two years will be accompanied by a push to expand its Gap Outlet and Banana Republic factory chains. At the Piper Jaffray investor conference, Murphy said he believes the company can recapture operating margins of 13.4%, which it saw in 2010. Operating margins were 8.5% in first quarter