Gap interim Chief Executive Robert Fisher is assuring the clothing retailer's employees that the company is not for sale, the New York Post reported, citing sources.
Fisher, the son of Gap founders Don and Doris Fisher, also circulated a memo detailing how to solve the company's problems, the Post reported.
The memo, titled "How we'll be great again," lists 10 ideas, including letting creativity flourish, creating realistic expectations and facing mistakes, according to a copy obtained by the Post.
Speculation that the Gap could be sold to private equity investors may be muted for the time being as the company's search for a new chief executive signals an attempt to turn around the business, analysts wrote this week.
The resignation of Paul Pressler as chief executive on Monday after pressure to curtail more than two years of sluggish sales at its Gap and Old Navy chains comes after widespread market speculation that the company could be for sale.
The speculation was fueled by what sources have said was Gap's recent hiring of investment firm Goldman Sachs.
A Gap spokesman was not immediately available for comment.