Business

Gap won't spin off its Old Navy brand

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

Posted Updated

By
Nathaniel Meyersohn
, CNN Business
CNN — 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.

Copyright 2024 by Cable News Network, Inc., a Time Warner Company. All rights reserved.