Gap Inc.'s plans to spin off its once-star Old Navy brand are being called into question with CEO Art Peck ousted.
Traffic passes by an Old Navy and GAP stores in Times Square, March 1, 2019 in New York City.'s plans to spin off its once-star Old Navy brand are being called into question with CEO Art Peck ousted.apparel retailer announced Thursday evening Peck would step down from his role, effectively immediatelyWith Peck's abrupt departure, analysts are doubting a looming split of Old Navy and Gap will go through, especially with the Old Navy brand in such poor shape.
Gap shares were falling more than 9% in premarket trading Friday. The stock, as of Thursday's market close, has tumbled nearly 30% this year. Gap is valued at roughly $6.9 billion.it planned to split Gap Inc. into two publicly traded companies — one with only the Old Navy brand, and another with the namesake Gap brand, Banana Republic and athletic performance brands Athleta and Hill City would be led by Peck. The transaction had been scheduled to be completed next year.
The Old Navy brand had up until recently been the star of Gap's portfolio, bringing in about $8 billion in annual sales by itself. It has been successful at offering basic apparel like white tees, jeans and logo hoodies at reasonable prices, rivaling the likes of
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