by Calculated Risk on 8/22/2008 12:41:00 PM

“The environment is still challenging. We see no reason for optimism and are managing our business accordingly.”
Glenn Murphy, chairman and CEO of Gap Inc., Aug 22, 2008

And more bad news for mall owners from GlobeSt.com: Gap Cutting Square Footage By Up to 15% (hat tip Sean)

Gap has dropped the number of store openings this year and will cut its overall square footage 10% to 15% over the next three to five years, executives said at the company’s second quarter conference call.