By  on November 21, 2019

Gap Inc., despite its management shake-up and weak overall performances across all three core brands, is still planning its public spin-off of Old Navy next year, the firm said Thursday.

“This is a pivotal time for the company,” said Robert J. Fisher, interim president and chief executive officer, during a conference call following the release of third-quarter numbers, which were disappointing. All three core brands — Old Navy, Gap and Banana Republic — dragged through the period, as the $16 billion corporation saw its net income fall to $140 million in the period ended Nov. 2, compared with $266 million a year ago.

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