Gap, Old Navy are splittsville, 230 Gap stores closed following the transfer of their activities online



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"After a thorough review of Gap Inc.'s board of directors, it is clear that Old Navy's business model and its customers are increasingly divergent from our specialty brands. Each company now needs a different strategy to thrive, said Robert Fisher, Chairman of the Board of Gap Inc., in a statement. "Conscious of this, we determined that further separation was the most convincing way for our brands."

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