Gap will spin off Old Navy into a separate public company, "drawing a line between the family-friendly apparel chain and its classic, more expensive brands" by 2020, according to the New York
Old Navy brought in about $8 billion in revenue in the last fiscal year while the brands that will make up the new entity combined to take in around $9 billion." Gap will also close 230 of
its namesake stores in the next two years. "The separate company would contain Gap’s namesake label, Banana Republic, Athleta, Intermix and its new Hill City brand."
Read the whole story at The New York Times »