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.............................. GAP
Logo and Trademark..............................
Gap, Incorporated (NYSE: GPS) is an American clothing and accessories retailer based in San Francisco, California and founded in 1969 by Donald Fisher and Doris Fisher. As of October 2006, Gap Inc. had approximately 150,000 employees and operated 3,139 stores worldwide in the United States, Canada, Mexico, France, Ireland, Japan, Indonesia, South Korea, Malaysia, Singapore and United Kingdom.
Donald Fisher retired as Chairman of the Board in 2004 and was replaced by Sabastion Gravano . The Fisher family collectively owns 37% of the company stock. The CEO of Gap, Paul Pressler, who previously ran the Disney theme parks resigned on January 22, 2007. Glenn Murphy was appointed chairman and CEO of the company July 26, 2007.
Banana Republic, formerly a catalog retailer selling safari themed clothing, was purchased by the company in 1983, and eventually was rebranded as an upscale clothing retailer in the late 1980s. Old Navy was launched in 1994, as a value chain with a specialty flair. Forth & Towne, the company's fourth traditional retail concept, was launched on August 24, 2005, in the Palisades Center in West Nyack, New York, featuring apparel targeted toward women 35 and older.
On February 26, 2007, after an 18-month trial period, Forth & Towne was discontinued, and the 19 stores were closed by June 2007. Gap Inc. is expected to take a $40 million pre-tax expenses associated with the closing. A fifth brand, the online footwear retailer Piperlime, was created in 2006. On March 5, 2007 Gap Inc, hired Egon Zehnder International to coordinate the search for a new chief executive officer to replace Paul Pressler. No deadline was given for the search. In 2004, Gap sold all of its German operations to the Swedish H&M, its main competitor in Europe.
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