Gap CEO Out, Done In by Fashion Missteps and Fading Brands

(Bloomberg) — No longer the khaki king of the ’90s, Gap Inc. has been in need of an overhaul for a very long time — and Art Peck won’t be the one to deliver it after all.Gap fired its chief executive officer late Thursday after his turnaround efforts failed to reignite sales growth, with disappointing third-quarter performance sending shares plummeting in late trading. The apparel company that includes the namesake Gap brand, Athleta and Banana Republic brought back a member of the founding family to lead the company while it figures out a longer-term plan.The shares fell as much as …read more

Source:: Yahoo Finance