Being a Gap (GPS) shareholder has been a long nightmare and that got worse today.

Gap’s same store sales in October fell 16%. The retailer reported net sales of $1.08 billion for the four-week period ended November 1, 2008, which is a decrease of 12% compared with net sales of $1.23 billion for the same period ended November 3, 2007.

Sales at the already dead Banana Republic division fell 17% and at Old Navy North America the drop was 20%.

Gap continues to cut costs, but to get back on track it will have to close hundreds of the most underperforming outlets among its 3,100 stories

Douglas A. McIntyre