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SAN FRANCISCO – US casual apparel company Gap has announced plans to separate into two independent publicly traded companies, Old Navy, and a yet-to-be-named company (‘NewCo’), which will consist of the Gap brand, Athleta, Banana Republic, Intermix and Hill City. The company’s shares surged more than 20 per cent immediately following the announcement. Gap said the new company should have roughly $9 billion in annual sales.

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