Gap Inc. announced that it will sell its Intermix business to a private equity firm named Altamont Capital Partners.
The deal will include Altamont taking total control of the Intermix business. The private equity firm will control all retail locations, assets, and e-commerce. Recently Gap also sold its Janie and Jack children's clothing business. Intermix started operations in New York City in 1993 and was subsequently purchased by Gap in 2012. Currently, Intermix runs a total of 31 locations and e-commerce operations.
"The sale of Janie and Jack and planned transaction of Intermix demonstrate how we are prioritizing our strategic focus and resources behind the growth and potential of Old Navy, Gap, Banana Republic and Athleta," said Sally Gilligan, the Head of Strategy at Gap.
Image Credit: Gap