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Gap Will Spin Off Old Navy

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Gap announced Thursday evening that it was spinning off Old Navy. ---Each company now requires a different strategy to thrive moving forward," Robert Fisher, Gap Inc.'s Board Chairman said in a press release. Thursday's decision comes as Gap stores have struggled while Old Navy has thrived. For the fiscal year, global Gap comparable sales fell 5% year-over-year while Old Navy's rose 3%, according to the earnings release. Shares of Gap spiked 19% on the news.

Added on the 01/03/2019 07:41:48 - Copyright : Wochit

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