Apparel retailer Gap calls off plan to spin-off Old Navy
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(Reuters) - Apparel retailer Gap Inc on Thursday called off a plan to spin-off its Old Navy brand due to weak business performance, costs and the complexity of splitting into two. It also announced the departure of Neil Fiske, chief executive officer of the Gap brand and forecast adjusted 2019 earnings to be moderately above its prior guidance of $1.70 to $1.75 per share due to fewer-than-anticipated promotions during the holiday season.Shares of the San Francisco-based company rose 11% in..