Gap to split itself, restructure Gap brand; stock jumps

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Gap jumps more than 20% after company's plan to split in two

Gap Inc. GAP, -1.60% stock skyrocketed more than 20% in the extended session Thursday after the retailer said it would split itself into two companies, one consisting of its Old Navy brand and an yet-to-be-named company with its Gap, Athleta, Banana Republic, Intermix, and Hill City brands, as sales at Gap brand fell 5% globally in 2018. Gap also plans to close about 230 specialty Gap stores over the next two years as part of an effort to "revitalize" its Gap brand.

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