Gap shares rise on sale speculation

Gap has reportedly hired investment bank Goldman Sachs Group.

The appointment fuelled speculation that the retailer could be up for sale and sent its shares up by as much as 11 per cent. A Gap spokesman said that the company would not comment on rumor or speculation and added there had been a relationship with Goldman Sachs since 1995. It is rumoured tha Goldman Sachs might recommend a sale or a spinoff of one of Gap’s units, such as Banana Republic. Gap, which also operates the Old Navy chain, said its management and board would be reviewing brand strategies at those chains.

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