Gap to spin off Old Navy as stand-alone company, stock skyrockets more than 25%

Gap Inc. stock surges in the extended session Thursday after the retailer says it will split itself into two publicly traded companies, one consisting of its Old Navy brand and a yet-to-be-named company with its Gap, Athleta, Banana Republic, Intermix, and Hill City brands, as sales at the flagship Gap brand fell 5% globally in the fourth quarter.

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