Gap is spinning off Old Navy. Here's how the company went from 1990s apparel king to breaking up

10:52 AM ET Thu, 14 March 2019

Gap Inc. is spinning off its most successful brand, Old Navy. The discount retailer posts positive year-over-year sales growth and accounts for over 40% of Gap Inc.'s annual sales. Meanwhile, Gap and the upscale Banana Republic brand have battled falling sales for several years in a row. Now, Gap and Banana Republic will join much smaller brands Intermix, Athleta, Hill City, and Janie & Jack to form an as-yet unnamed company, and Old Navy will stand alone.