Gap to sell Intermix clothing chain to private equity firm

Business News

A window display at a Gap Kids clothing store in Winter Park, Fla., in 2018 Gap is moving away from the nation’s malls. The brand, which was for decades a fixture at shopping malls around the country, said that it will be closing 220 stores – or one third of its store base – by early 2024 and focus on outlet malls and its e-commerce business. (AP Photo/John Raoux, File)

NEW YORK (AP) — Gap Inc. has signed a deal to sell the upscale clothing chain Intermix to private equity firm Altamont Capital Partners.

Gap said Tuesday that Altamont Capital intends to acquire the entire Intermix business, including all store leases, e-commerce and assets. It didn’t disclose the purchase price.

The move comes as Gap is trying to slim down its portfolio of brands to better focus on its namesake business as well as Old Navy, Banana Republic and Athleta.

Last month, Gap completed a deal to sell Janie and Jack, a children’s clothing chain to Go Global Retail, a company that invests in fashion and consumer brands.

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