Gap to shut shops and hive off Old Navy

Fashion firm Gap Inc has announced is shutting 230 stores and splitting off its Old Navy brand, a restructuring aimed at "Revitalising" the company. Old Navy will be a standalone company while a new business, which is yet to be named, will house Gap as well as its other brands including Banana Republic. Same store sales were flat for Old Navy in fourth quarter but rose by 3% over 12 months. "Christina Boni, vice president at Moody's, the rating agency, said:"Old Navy is Gap Inc.'s leading brand comprising 47% of sales in 2018 with margins that lead its portfolio. "Old Navy continues to outpace Gap Brand and Banana Republic and is one the fastest-growing major apparel brands with comparable stores of 3% in 2018 growing to over $7.8bn in 2018.".

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