TheStreet's Action Alerts PLUS Portfolio Manager Jim Cramer says Gap (GPS) is 'very challenged' and the apparel retailer needs to close many more stores. On the company's earnings call CEO Art Peck said that Gap, the flagship, is doing well and it looks good. 'I don't know what he's smoking,' says Cramer. As part of its quarterly report, Gap also said that it was closing 75 Banana Republic and Old Navy stores. Cramer said, 'When you look at a Zara and all the excitement around Zara, you have to ask yourself, 'have they just lost their way.'
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