Gap Inc will separate its better-performing Old Navy brand and shutter about 230...
- Gap Inc will separate its better-performing Old Navy brand and shutter about 230 stores of its struggling namesake apparel business, in one of its biggest restructuring efforts to energize sales, sending shares surging 25 percent on Thursday.
The 230 Gap specialty stores the company planned to close over the next two years, along with the 68 already shut, represents nearly half of its stores, the company said. Gap, Athleta, Banana Republic and the remaining brands will be part of a yet-to-be-named company. The separation of Old Navy into a publicly listed company, which Gap said will be tax free to investors, is likely to be completed by 2020.
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