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Sard Verbinnen & Co. is handling Gap's decision to spin off its fast-growing Old Navy brand, which accounts for about half of its $16.6B revenues, as a separate company.
Richard Fisher, Gap chairman, said Old Navy's business model and customers "have increasingly diverged from our specialty brands over time, and each company now requires a different strategy to thrive moving forward."
The Gap has struggled with higher prices than Old Navy, changing consumer preferences and competition from chains such as Zara and H&M.
It will be core of a yet-to-be-named $9B company with sister brands Banana Republic, Athletica, Intermix and Hill City. More than 230 Gap stores will be closed.
The split-up is expected to be complete in 2020. Both companies will maintain HQ in San Francisco.
SVB's John Christiansen, Meghan Gavigan and Devis Broda handle media for Gap's split-up strategy.
Dollar Tree has named Daniel Delrosario senior VP-investor relations & treasurer.
C Street Advisory Group and Publicis' Groupe's Kekst CNC unit work the Chapter 11 filing of Saks Global Holdings as the luxury retailer evaluates its "operational footprint."
Nashville’s Wortman Works is handling Old Glory Bank, which bills itself as the online bank for freedom-loving Americans, as it goes public via a $250M SPAC deal with Digital Asset Acquisition Corp.
FGS Global and Collected Strategies handle $1.5B merger of discount airlines Allegiant and Sun Country Airlines. (Updated)
Dan Scorpio, H/Advisors Abernathy’s managing director and head of the M&A and activism practice, has joined FTI Consulting’s Chicago office.
