Gap, Old Navy is split, 230 Gap stores to close as business moves online

"Following a comprehensive review of Gap Inc.'s board, it is clear that Old Navy's business model and customers have increasingly diverged from our specialty products, and each business now requires a different strategy to thrive," said Robert Fisher , Gap Inc.'s chairman, in a statement. "To acknowledge it, we determined that the pursuit of a separation is the most compelling path forward for our brands."