Old Navy spin-off in doubt after Gap's Peck departs - analysts
Share:
(Reuters) - Shares of Gap Inc fell nearly 10% on Friday, as the surprise departure of Chief Executive Officer Art Peck and persistent declining sales, threw the apparel retailer's planned spin-off of its Old Navy brand into question. Peck, who joined the company in 2005 and has held the top job since 2015, planned to split Old Navy into a separate public company as he strove to revitalise Gap with the addition of Athleta athleisure wear, provide more online offerings and close unprofitable..