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NEW YORK (AP) – Gap Inc. has signed an agreement to sell high-end clothing chain Intermix to private equity firm Altamont Capital Partners.
Gap said on Tuesday that Altamont Capital intends to acquire all of Intermix’s business, including all store leases, e-commerce and assets. Intermix operates 31 stores. He did not disclose the purchase price.
The move comes as San Francisco-based Gap attempts to reduce its brand portfolio to better focus on its eponymous business as well as Old Navy, Banana Republic and Athleta. Last month, Gap struck a deal to sell Janie and Jack, a children’s clothing chain to Go Global Retail, which invests in fashion and mainstream brands. Gap bought the channel in 2019.
“We are committed to generating long-term profitable growth for our shareholders,” said Sally Gilligan, head of strategy at Gap in a statement.
Gap stock slipped 25 cents to close at $ 35.22 on Tuesday. It is up 74% so far this year.