Phew. It’s Friday.
Gap’s Divorce
someone tell Baby Gap it’s not their fault
– AA (@allisona15) February 28, 2019
Gap announced late Thursday night that it’s spinning off its Old Navy division.
Old Navy will be run by current brand CEO Sonia Syngal, while the Gap portion of the business will continue to be lead by Art Peck and will include Athleta, Banana Republic and Hill City brands and a projected $9 billion in annual revenues. Gap, however, said it would close around 230 specialty stores over the next two years, a move that would result in annualized sales losses of $625 million and a pre-tax charge of as much as $300 million.
eBay’s Rethinking Stubhub
eBay said Friday it will launch a strategic review of its business, with a focus on StubHub and its online classifieds business, following pressure from activist investors such as Elliott Management and Starboard Value.
eBay said it would also look at it existing businesses from an operating point of view, as well as looking at strategic alternatives for some of its various divisions, and will add two new people to its board of directors: Jesse Cohn of Elliot and Matt Murphy of Marvel Technology.
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