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January 9, 2002

UK: Gap Expected To Reveal Plunge In December Sales

US clothing giant Gap Inc is expected to reveal a 24 per cent drop in worldwide year-on-year sales on Thursday when it releases its December sales figures for its 3,800 stores around the world. The company, which has 133 shops in Britain, has seen sales decline for 20 consecutive months, with its bonds trading at junk levels and analysts warning it may soon lose its investment-grade credit rating.

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