Gap won't spin off its Old Navy brand

Posted January 16, 2020 4:31 p.m. EST

— Gap has called off plans to spin off its Old Navy brand, the company said on Thursday.

Old Navy has struggled in recent months, making separating the brands less attractive to investors. Former Gap chief executive Art Peck, an architect of the plan, also left the company in November.

This is a breaking news story and will be updated.

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