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GAP: TO SPLIT INTO TWO PUBLICALLY TRADED COMPANIES
Gap Inc. said Thursday that it plans to split itself into two independent publicly traded companies – one unnamed company consisting of the iconic Gap brand, and Old Navy.
The yet-to-be-named company will include its Gap brand, Athleta, Banana Republic, Intermix and Hill City. Gap's current President and Chief Executive, Art Peck, will hold the same position with the new company after the planned separation, Gap said. Sonia Syngal, current President and CEO of Old Navy, will continue to lead that brand as a standalone business.
The transaction is currently targeted to be completed in 2020, the company said.
"Following a comprehensive review by the Gap Inc. Board of Directors, it's clear that Old Navy's business model and customers have increasingly diverged from our specialty brands over time, and each company now requires a different strategy to thrive moving forward," Robert Fisher, Gap's Board Chairman said in a statement.
https://www.marketscreener.com/GAP-12816/news/Gap-to-Split-Into-Two-Publicly-Traded-Companies-Update-28089358/
tough shit