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More Squawk From Jim Cramer: Gap (GPS) ‘Has Identity Crisis’

NEW YORK (TheStreet) -- Gap (GPS - Get Report) stock is retreating 11.51% to $19.30 in mid-morning trading on Tuesday after the retailer reported a 5% decline in comparable store sales for the fiscal 2016 first quarter.

"It has an identity crisis across the board," TheStreet's Jim Cramer said on CNBC's "Squawk on the Street" this morning.

Comparable store sales dropped 3% at Gap stores, declined 6% at Old Navy and fell 11% at Banana Republic for the first quarter.

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"This is a company that has lost its usefulness," Cramer...