Gap to create separate public company for Old Navy

This May 14, 2014 file photo shows signage outside a Gap store in the Shadyside section of Pittsburgh. NEW YORK -- Gap Inc. is splitting into two.

The company also said that it will be shuttering 230 Gap brand stores over the next two years. A year ago, the Gap brand had 725 stores worldwide. After the closures, which also include the 68 stores it shuttered this year, the chain will be down to roughly 427 stores. It expects to have more than 40 per cent of Gap's business coming from online after the restructuring.

"It's clear that Old Navy's business model and customers have increasingly diverged from our specialty brands over time, and each company now requires a different strategy to thrive moving forward," said Robert Fisher, Gap Inc.'s chairman.

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