(CNN) -- Gap has called off plans to spin off its Old Navy brand into a stand-alone public company.
Old Navy has struggled in recent months, making separating the brands less attractive to investors.
Former Gap chief executive Art Peck, an architect of the plan, also left the company in November. Gap's board of directors decided the cost and complexity of splitting into two companies was too high.
In addition to Old Navy, Gap operates Banana Republic, Athleta, Intermix, and Hill City brands.