GAP TO SPINOFF OLD NAVY

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

Advertisements