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Gap to sell Intermix clothing chain to private equity firm.

May 4, 2021 GMT

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. Intermix operates 31 stores. It didn’t disclose the purchase price.

The move comes as San Francisco-based 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, which invests in fashion and consumer brands. Gap had purchased the chain in 2019.

“We are committed to driving long-term, profitable growth for our shareholders,” said Sally Gilligan, head of strategy for Gap in a statement.

Gap’s stock slipped 25 cents to close at $35.22 on Tuesday. It is up 74% so far this year.