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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.
FTI Consulting handles Ascend Performance Materials, chemicals/engineered products company, as it files for Chapter 11 in an effort to “deleverage” its balance sheet.
Longacre Square Partners represents H Partners Management, which is waging a proxy fight at Harley-Davidson.
Prosek handles GTCR’s announcement of the $24B sale of Worldpay, payments technology company, to Global Payments.
C Street Advisory Group handles the Chapter 11 of Publishers Clearing House as the home of the iconic “prize patrol” sheds its direct mail and magazine subscription businesses.
C Street Advisory Group handles Hooters of America as it declares Chapter 11 to pave way for a buyout led by founders of the casual dining chain.
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