Times are hard out here for a multi-billion dollar company. While Uniqlo is empolying a small army, GAP is putting people in a sticky situation. The brand has just announced that it's in the works of shutting down one-in-four stores in New York City. Many speculations have come up about the GAP's decision to close so many stores, including drop in sales and "intense competition from cheap-chic rivals like H&M and Uniqlo." Get your basics while it's hot.

[Observer]