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In a statement, the retailer said that while the purpose of the spinoff was for "value creation" it no longer made sense to the board of directors which determined the "cost and complexity of splitting into two companies, combined with softer business performance, limited our ability to create appropriate value from separation" said Robert Fisher, Gap Inc. interim president and chief executive officer.
In November, Gap CEO Art Peck abruptly left his post. At the time the news was delivered as the company updated its financial guidance. Gap cuts its full-year revenue outlook and acknowledged industry headwinds.
“This was a challenging quarter, as macro impacts and slower traffic further pressured results that have been hampered by product and operating challenges across key brands,” Gap Chief Financial Officer Teri List-Stoll said in a statement at the time.
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