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Gap says still planning Old Navy spin-off as CEO departs

Reuters Friday, 8 November 2019 ()
Gap Inc said on Friday it was sticking with plans to spin off its Old Navy brand into a separate company, as Wall Street analysts questioned its commitment to the project following the surprise exit of Chief Executive Officer Art Peck.
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News video: Why Gap Isn't Resonating With Millennials

Why Gap Isn't Resonating With Millennials 01:43

Gap announced after the bell Thursday that CEO Art Peck would be stepping down and it slashed its full-year earnings forecast, putting its recent restructuring plans at risk. Peck, who has led the group since 2015, had steered plans to close more than half of its Gap-branded stores and spin-off its...

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