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Gap and Old Navy are splitting up

Gap announced plans Thursday to separate Old Navy from Gap, Banana Republic and Athleta and create two publicly traded companies.

Gap and Old Navy are splitting up.

Gap announced plans Thursday to separate Old Navy from Gap, Banana Republic and Athleta and create two publicly traded companies.

“Each company now requires a different strategy to thrive moving forward,” said Robert Fisher, Gap’s board chairman.

Gap stock was up 19% in after hours trading.

This story is developing.

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