Subsequent Events (Notes)

12 Months Ended

Feb. 02, 2019

Subsequent Events [Abstract]

Subsequent Events [Text Block]

Note 18. Subsequent Events

Intent to Separate Business

On February 28, 2019, the Company announced that its Board of Directors approved a plan to separate the Company into two independent publicly-traded companies: Old Navy and NewCo, which will consist of Gap, Athleta, Banana Republic, Intermix, and Hill City. The transaction is targeted to be completed in 2020, and is subject to certain conditions, including final approval by the Company’s Board of Directors, receipt of a tax opinion from counsel, and the filing and effectiveness of a registration statement with the U.S. Securities and Exchange Commission.

Restructuring Plans

On February 28, 2019, the Company also announced plans to restructure the specialty fleet and revitalize the Gap brand, including closing about 230 Gap specialty stores during fiscal 2019 and fiscal 2020. The Company believes these actions will drive a healthier specialty fleet and will serve as a more appropriate foundation for brand revitalization.

Acquisition

On March 4, 2019, the Company acquired Janie and Jack, a leader in premium children’s fashion, from Gymboree Group, Inc. The purchase price was approximately $35 million with an additional agreement to purchase the Janie and Jack inventory at cost plus additional fees and expenses.