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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

For the second time this week, a deadly shooting unfolded at a US Navy base Friday when a gunman killed at least three people and injured several others at Naval Air Station Pensacola in Florida.The suspected shooter, who was also killed, was a member of the Saudi Arabian military training at the station, according to five US defense officials and another person familiar with the investigation.Investigators are looking into whether the shooting was terror-related as a possible motive, but it's still early in the investigation.CNN has reached out to the Saudi Embassy in the US and has not heard back.The shooter was killed after two deputies exchanged gunfire with him, Escambia County Sheriff David Morgan told reporters in a news conference.The FBI has taken over the investigation, according to an FBI spokeswoman.Eight people were taken to Baptist Health Care, including one who died, said Chief Deputy Chip Simmons. The deputies who confronted the shooter also suffered gunshot wounds -- one in the arm and one in the knee. Both are expected to survive.The shooting occurred in a classroom building, Commanding Officer of NAS Pensacola Capt. Tim Kinsella said. The base will remain on lockdown until further notice, he said.The names of the victims are not being released until authorities notify their families.Walking through the scene "was like being on the set of a movie," Morgan said."This doesn't happen in Escambia County. It doesn't happen in Pensacola. It doesn't happen to our friends and neighbors who are members of the US Navy," Morgan said. "But it did, and it has."The shooting comes just 1628

Health authorities in Spain say deaths from the coronavirus have more than doubled in 24 hours, while total infections approached 8,000.The Health Ministry said Spain has recorded 288 deaths since the start of the pandemic, up from 136 on Saturday. The European Union nation has 7,753 infections, up from 5,700 on Saturday, with around half of them concentrated in the capital of Madrid.The jump comes a day after Spain’s government declared a state of emergency and took extraordinary measures to limit movement to commuting to work and necessary errands. It has also closed restaurants, bars, most retail shops and reduced public transport. 654

God bless the people of El Paso Texas. God bless the people of Dayton, Ohio.— Donald J. Trump (@realDonaldTrump) August 4, 2019 139

FORT MYERS, Fla. — Brian Peltier says he started smoking when he was just 8 years old.“I did cigars, I did tobacco. I did snuff … I did dip,” Peltier said.But he quit seven years ago. He credits vaping. Peltier says he had a few health complications before giving up smoking, but he says now his doctors are proud of his health. “Cardiologists and all of that stuff has told me that my health has gotten a lot better compared to me smoking”, he told WFTX. Now the general manager of MotoVapor in Fort Myers, Florida, he says he’s helped a couple hundred other people transition from traditional smoking to e-cigarettes. But, a new study by the 656