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Gap and Old Navy have been trending in opposite directions for years. So they're finally splitting up.Gap said Thursday that it would break into two companies. One of the companies will contain Old Navy, while the other yet-to-be-named business, currently called NewCo, will comprise Gap, Banana Republic and other brands, including Athleta and Hill City.The move is designed to allow Old Navy — which has grown to billion in annual sales since it opened its first store in 1994 — to expand on its own. Meanwhile, the company can consolidate its older brands like Gap and Banana with its newer ones like Athleta and Hill City. NewCo will have about billion in annual sales."We think the best way for each company to grow and meet the evolving needs of our customers is to allow them to pursue tailored strategies separately," Gap CEO Art Peck told analysts Thursday. Peck will lead NewCo. Sonia Syngal, CEO of Old Navy, will keep running that company.Wall Street cheered the decision: Gap stock was up 25% in after-hours trading.The separation is a tale of two vastly different businesses: Old Navy has thrived in recent years, and sales at stores open at least a year grew 3% in 2018. Meanwhile, the Gap has struggled — its sales fell 5% last year. Banana Republic has been closing stores, which has helped the company improve sales."Old Navy continues to outpace Gap brand and Banana Republic, and is one the fastest-growing major apparel brands," said Christina Boni, analyst at Moody's.The Gap, which was founded in 1969, used to be the coolest brand in retail: It rode the mall boom in the back half of the 20th century, and its logoed sweatshirts and turtlenecks won over everyone from teens to moms and celebrities like Sharon Stone.But the brand fell out of touch with the Baby Boomers who grew up on the brand, and it failed to attract the Millennials who drive fashion trends today. Retailers such as Levi's, Target and fast-fashion sellers H&M and Zara lured away Gap's denim shoppers with cheaper prices and trendier styles.The company has been talking for a while about how to make the Gap a healthy part of the business again. In November, Peck described Gap's store count as unprofitable. As of the end of last quarter, there were 1,242 Gap stores worldwide. 758 of them were in North America.On Thursday, the company said it will close 230 Gap stores over the next two years as part of its plan to "revitalize" the Gap brand. The closures will affect "specialty" Gap stores, which includes mall-based stores.Most of those stores will be in North America, Peck told analysts Thursday. Chief financial officer Teri Stoll added that the company focused on stores that were not delivering, were in the "wrong locations" or were not a "strategic fit."About 130 of those closures will happen this year, according to Gap. The company also plans to open Old Navy and Athleta locations. Athleta, which will be part of the new Gap company, is a women's athleisure chain that has been a success. Hill City launched last year as Gap's men's athleisure brand.Gap thinks it will save between 0 million and 0 million before taxes over the next two years because of its closure plans, according to a securities filing. It expects to finish splitting the companies in 2020.But some analysts questioned why promising brands such as Athleta and Hill City were included in NewCo with the struggling Gap brand."This could have been an opportunity for a fresh start for Gap," said Bob Phibbs, CEO of consultancy Retail Doctor. "It's simply putting the NewCo brands though the ringer for another cycle of rinse and repeat."The-CNN-Wire? & ? 2019 Cable News Network, Inc., a Time Warner Company. All rights reserved. 3771

Five transgender members of the United States military testified in front of Congress on Wednesday, the first to do so publicly.Army Capt. Alivia Stehlik, Navy Lt. Cmdr. Blake Dremann, Army Capt. Jennifer Peace, Army Staff Sgt. Patricia King and Navy Petty Officer 3rd Class Akira Wyatt all testified in front of the House Armed Services Committee, according to the Washington Post.All five testified that they were able to do their jobs effectively after transitioning. Some testified that their fellow soldiers were comfortable with their transition, and their transition even allowed others to open up to them.“They talked to me and told me things they never would have before,” Stehlik said. “Things they said they’ve never told other people. I asked them why, and the consistent answer is that they valued my authenticity — my courage in being myself. It allowed them to do the same thing.”The Obama administration repealed a ban on transgender persons in the military in 2016, allowing active military members to serve openly as transgender for the first time in decades. But in 2017, President Trump abruptly changed the policy in a series of tweets. While a number of lawsuits have been filed and are ongoing, the Supreme Court recently ruled to lift an injunction in some cases, keeping the ban in place. The five military members testified that they all sought medical treatments as part of their transition that prevented them from deploying, but all said they were able to do so by taking personal leave in between deployments.Rep. Jackie Speier (D-California), who called the meeting, was among the representatives to file a bill that would allow transgender service members to serve openly earlier this month. That bill has been referred to committee. Even if it were to be passed by the House and Senate, it would likely face a veto from the president.Alex Hider is a writer for the E.W. Scripps National Desk. Follow him on Twitter @alexhider. 2002

He'll take victory for 0,000, Alex."Jeopardy! James" Holzhauer won 0,000 as the winner of the game show's Tournament of Champions against Emma Boettcher and Francois Barcomb. He has now won more than .7 million on the show this year.Boettcher 262

Here are this week's hottest home video releases. Find them on disc, or streaming services such as iTunes, Vudu, Amazon and Google Play.The House with A Clock in its WallsJack Black and Cate Blanchett star in the adaptation of the supernatural John Bellairs YA novel, about a boy who is sent to live with his oddball uncle (Black) in a creaky old house, and deal with the magic-conjuring next-door neighbor (Blanchett). Director Eli Roth, who cut his teeth on hardcore horror fare such as "Hostel," tones his fright game down but still manages to deliver family-friendly thrills. Extras include several featurettes on characters and effects, as well as deleted scenes with commentary and a gag reel.Some Like it Hot (Criterion)Director Billy Wilder's 1959 comedy continues to endure as one of the most beloved movies in the history of cinema. Tony Curtis and Jack Lemmon star as musicians who witness a mob hit and go incognito by masquerading as women. Marilyn Monroe turns in one of her most memorable performances. A fresh 4K transfer makes the film shimmer. Extras include a tribute booklet, 1989 commentary from film historian Howard Suber and a 1988 French TV interview with Lemmon.VenomTom Hardy goes into deep-dive CGI mode to deliver a devilishly humorous split-personality performance as a reporter infected with a nefarious symbiote that grants him superpowers accompanied by invulnerability and bloodlust. Ample humor, vicious action and a compelling story make this one of Sony's better superhero efforts. Extras include scenes rendered before special effects, deleted and extended scenes and a version of the film accompanied by pop-up factoids.Studios provided review screeners. 1705

Here is a pic of the inside for anyone not familiar with the sitehttps://t.co/wcAU5by9EX— Jennifer Bell (@darthjenni) November 26, 2019 148