Gap, today announced that it will be splitting up the organization. After almost 25 years, Old Navy will no longer be part of the Gap umbrella. Old Navy has eclipsed over $8 billion in annual sales since opening its doors in 1994. Gap, Banana Republic, Hill City and Althea will be consolidated into a new business which is yet to be named.

Notable Quotes: “We think the best way for each company to grow and meet the evolving needs of our customers is to allow them to pursue tailored strategies separately.” -Gap CEO Art Peck