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 revitalize Gap with the addition of Athleta athleisure wear, provide more online offerings and close unprofitable stores. Old Navy’s spin-off was predicated on its out performance of Gap’s other brands, but Peck’s departure, after recent poor sales in a flooded market, had Wall Street wondering whether the split could be delayed or abandoned altogether. “We think the Old Navy spin should be scrapped … it makes little sense to …read more
Source:: Yahoo Finance
