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Gap to Separate Old Navy, Close Stores; Shares Jump

Gap Inc. said Thursday that it would separate its Old Navy brand into a publicly traded company in order to focus on its struggling namesake apparel business, sending its shares up 18 percent. Old Navy has had a better success than the Gap brand in recent years as a wide range of budget apparel has made it more appealing to a broader base of consumers. "It's clear that Old Navy's business model and customers have increasingly...

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