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Gap hires Goldman Sachs to sell its outlets

11
Jan '07
Clothing brand Gap, which turns T-shirts into must-haves, is planning to sell the company.

Gap runs its outlets under four names. Of them, Gap & Old Navy accounts for majority of the sales. Banana Republic and Forth & Towne make up only 25 percent business.

Gap has engaged Goldman Sachs to make efforts for selling its 3,000 outlets as well as sale of an entire division like Banana Republic. Gap was established in 1969 at San Francisco.

December sales of the firm dropped eight percent, which compelled its board of directors to hire Goldman Sachs. December is an important period for holiday shopping.

Gap's market value is $16.4 billion presently and its buyer would be paying at least $18 billion according to experts. Sale of Gap will be the biggest buyout in retail sector.

Goldman will be studying Gap's business lines completely and then present a plan to the board. This study will be finished only after this month.

Gap's founding family, the Fishers, who manage over 30 percent of its stock will take decisions for the company.


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