Business Maverick: Gap CEO Syngal Fired After Failing to Rescue Struggling Retailer

Chairman Bob Martin is taking over immediately as interim CEO, according to a statement late Monday, and the apparel retailer lowered its expectation for second-quarter operating margin percentage to zero to slightly negative. The shares, which fell as much as 8.7% in New York trading, have lost more than half their value so far this year.

Back in early 2020, it was Syngal, now 52, who stepped in to replace a CEO who abruptly departed amid operational problems. Predecessor Art Peck left after a scrapped plan to spin off Old Navy and failing to reignite sales growth. Syngal had been the head of Old Navy, which generates more than half of the company’s revenue.

Additionally, a deal to produce apparel with Kanye West’s Yeezy brand has failed to generate meaningful results. After announcing the project withThe company’s missteps are ill-timed as the retail industry gears up for back-to-school season, one of the biggest shopping times of the year. “As a family brand, this has a compound halo effect. When we aren’t delivering for moms, she’s less likely to come to Old Navy for her kids,” Syngal said during the company’s latest earnings call.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Business Maverick: Musk’s debt bankers would avoid steep losses if deal failsUnderwriting losses would be partly offset for Morgan Stanley, Bank of America, and Barclays, which provided fees for M&A advisory services to Musk. Four other banks that only provided the debt – MUFG Bank, Mizuho, BNP Paribas SA, and Societe Generale SA – risk going deeply into the red if the deal goes ahead.
Source: dailymaverick - 🏆 3. / 84 Read more »

Business Maverick: Twitter Shares Sink, With Legal Battle Ahead as Elon Musk Walks AwayTwitter Inc. shares tumbled Monday after Elon Musk walked away from his $44 billion deal to buy the company, setting the scene for a disruptive legal battle. 54 but who's counting... I have always hated Bitcoin and thought it was a scam until a friend referred me to Mike_Rosehart , I made my first withdrawal of R100,000 in 2 weeks thanks to Mike_Rosehart I acted on faith, I'm now reaping the reward of that bold step and making more money than I couldn't even imagine all thanks to an amazing woman fx_sarah_jeff
Source: dailymaverick - 🏆 3. / 84 Read more »