Q: I have been told by many people that Old Navy is going out of business. We live in the sourthern portion of the U.S. Has anyone else heard the same? If so, please include your source...
A: Old Navy is owned by "The Gap". A March '08 article on the Internet speculated that Old Navy wasn't going to survive as a brand: "Old Navy is one of Gap's (NYSE: GPS) three brands and it is the one that is pulling down overall sales at the big clothing company. Old Navy has a little over one thousand outlets. Maintaining the costs of separate buying, marketing, and management costs just isn't worth it. Soon, the Old Navy stores will just be Gaps." Far as I can tell, its just speculation. But its like trying to find something about the Pope's health. He's in great shape until several days after he is dead.