But is it enough?
I bought a sweater at Gap just before Christmas and really like it. Of course, I only considered it because it was on sale, and I think I also just felt bad for Gap. When I see the brand name now I just want to break out the violin.
Interesting idea in this article that I hadn't really thought about before is spinning off the Banana Republic brand. Banana is still a pretty well regarded brand and could fetch some interest in an IPO (think J Crew). Spinning off Old Navy could be a consideration as well -- just break up all three and let them try to find their own identity.