Gap Inc. said Thursday that a company will be the Old Navy. The company Gap, Banana Republic and other brands, including Athleta, still not yet been traded.
"It's clear that Old Navy's business model and customers have become more and more our brand of specialty," said Gap Vice President Robert Fisher. Each company said "Now another strategy is needed to move forward.
Gap said Thursday that Sonia Syngal, CEO of Old Navy, maintains that brand. Art Peck, CEO of Gap, will lead another company.
The distribution is a story of two very different businesses: Old Navy has grown in recent years and, at least, open sales last year grew 3% in 2018. An analyst Jeffries described the last fall as "machine".
Meanwhile, Gap faces up 5% on last year's sales.
Gap was the best retail trade: XX. He crossed the mid-twenties rumors and wins the logotype costumes and turtles among teens, moms and Sharon Stone.
However, Brand's brand new baby boomers were contacted, and the Millennials have been left untouched by trendy fashion trends.
The company speaks a bit about making a healthy part of the business. In November, Peck's Gap store account was not profitable. At the end of the last quarter, 1,242 Gap stores were around the world. There were 758 of them in North America.
On Thursday, the company said it had closed its doors at 230 Gap stores in the next two years as part of the "Gap Mark" "revitalization" plan. Shutting down "specialties" will affect Gap stores, including shopping malls.
Most North American stores will be in North America, Peck called on analysts on Thursday. The chief financial officer of Teri Stolle did not give the company the "strategic positioning" of "misplaced locations" in the explanations.
Nearly close to 130 will be this year, according to Gap. The company also plans to plan the locations of Old Navy and Athleta. Athleta, a part of the new Gap company, is a successful women's sport.
Gap believes that it will save 250 million and $ 300 million over the next two years, closing plans according to the presentation of securities. It plans to divide up to 2020 companies.