Old Navy’s planned spin-off from Gap Inc. was canceled in 2020.
Gap Inc. had announced in February 2019 that it intended to separate Old Navy into an independent publicly traded company. The proposal reflected Old Navy’s strong performance compared with several of Gap’s other brands and was designed to let each business pursue a more focused strategy.
In January 2020, Gap Inc. abandoned the separation plan after the company and its board concluded that the proposed structure was no longer in shareholders’ best interests. Old Navy therefore remained a division of Gap Inc., alongside brands such as Gap, Banana Republic, Athleta and Intermix at the time.
The main date confusion comes from the original timetable: the spin-off was expected to be completed in 2020, but it was also canceled in 2020 before becoming reality. It was not canceled in 2019, the year the separation was announced.