By the 1990s, it had transformed into a fashion juggernaut as it jumped on the khaki-pants trend and built up robust secondary brands in Banana Republic and Old Navy.But struggles started brewing in the middle of the next decade, from declining mall traffic to operational issues.
In September, he and Old Navy chief Syngal hosted an event for analysts about the planned spinoff and their vision for the companies’ future. Peck spoke at length about how Gap had to broaden its appeal, including with larger sizes and more diversity.Despite the holidays being a make-or-break time in retail, Peck’s departure might actually be a good turning point for the company, Widlitz said, adding that merchandise and products have already been decided for this season.“It leaves the door open for ‘no matter how bad December is, let’s think about the future,’” she said. He’s tried to “Gap is a company that clearly needed a change. Retailer has struggled on Normcore misses and mall declines Some shoppers complained, so it ditched it just a week later.To try to turn things around, it turned to new CEO Glenn Murphy in 2007, who came from a drugstore chain.
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The Gap He closed a slew of U.S. stores, while expanding overseas and invested in the supply chain. But the recession hit shortly after and thwarted momentum by turning a generation of shoppers onto discounters. Art Peck, CEO, Gap Inc speaks on stage at the Escalators of Opportunity session during the third day of the 2015 Clinton Global Initiative's Annual Meeting at … By the 1990s, it had transformed into a fashion juggernaut as it jumped on the khaki-pants trend and built up robust secondary brands in Banana Republic and Old Navy.But struggles started brewing in the middle of the next decade, from declining mall traffic to operational issues. Peck was left saddled with Banana Republic, mired in a sales slump, and the aging namesake Gap brand.
Despite Trump's menacing and hyperbolic tweets, Jim Cramer says, you can really blame Wednesday's stock declines on Fed minutes and shorts that went awry. He’ll also be entitled to health benefits and financial counseling for 18 months.Gap, founded in 1969 in San Francisco, rose to prominence as a denim emporium selling jeans from Levi Strauss & Co., another Bay Area institution. Peck wasn’t moving the needle, except moving it backwards,” said Craig Johnson, president of retail researcher firm Customer Growth Partners. Robert Fisher, the company’s current nonexecutive chairman and son of Gap co-founders Don and Doris, will step in as president and CEO on an interim basis.The company declined to comment beyond the press release announcing Peck’s departure.The company said in a statement that companywide comparable sales appeared to be down 4% in the third quarter, which ended Nov. 2, with that measure falling 7% at its namesake brand. Low-priced fast-fashion chains, like Zara and Forever 21, captured the attention of millennials, pushing Gap further out of favor. The apparel company, which includes the namesake Gap brand, Athleta and Banana Republic, brought back a member of the founding family to lead while it figures out a longer-term plan.Peck’s termination comes after years of struggles at the company. In September, he and Old Navy chief Syngal hosted an event for analysts about the planned spinoff and their vision for the companies’ future. Art Peck (R) chief executive officer of Gap Inc., and Jill Soltau (L), chief executive officer of Jo-Ann Stores LLC, wait to begin a listening session with US President Donald Trump (not pictured),