The family behind Gap has lost $1 billion this year as stock plummets
Gap cofounder Doris Fisher and two of her three sons, Bob and Bill Fisher, in 2010.Gap’s unraveling stock price is taking a toll on the wealth of the billionaire clan behind the company.
last week, causing the stock to drop 6% in one day. That only extended its losses and solidified its position as one of the worst-performing retail stocks of the year, with a decline of 34%. The stock regained a bit of that lost ground, rising almost 1% on Monday. Despite the stock’s precipitous decline, they all remain billionaires. Doris, who also has a $1 billion art collection and significant cash and investments, is worth an estimated $2.4 billion. John, majority owner of the Oakland Athletics baseball team, is worth $2.5 billion. Bill and Bob both have fortunes of $1.2 billion.
The management shuffle comes at a time when the retailer is in the middle of splitting itself into two publicly traded companies. Old Navy will be spun off as a standalone company, and Gap, Banana Republic and several smaller brands will constitute the other company.
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