Gap is going bananas after announcing it's spinning off Old Navy
"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 Inc.'s Board Chairman said in aThe decision comes as Gap stores have struggled while Old Navy has thrived.
A spin-off of the Old Navy brand has been begged for by some Wall Street analysts. In August, Jefferies analyst Randal Konik wrote a note titled,"Dear B.O.D. of GPS... Please Change Name of Company to Old Navy."
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