The billionaire who cofounded Gap and her 3 sons have lost $1 billion in 2019 so far amid sales slump
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- The billionaire family who founded Gap has lost $1 billion in 2019 as the retailer's stock is in free fall, Forbes' Lauren Debter reported.
- The latest stock drop occurred after slumping sales led CEO Art Peck to resign from his position and his seat on the company's board on November 7, the Associated Press reported.
- The Fisher family now has a collective net worth of $7.3 billion, Forbes estimates.
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Gap Inc.'s former CEO isn't the only one feeling the pain of the retailer's sinking sales. The net worth of the store's cofounder, Doris Fisher, and her three sons has fallen $1 billion in 2019 so far, Forbes' Lauren Debter reported.
Shares of Gap are down 34% in 2019, dropping the value of the Fisher's family's stake in the retailer from $4 billion in January to $2.3 billion as of Tuesday, Forbes estimates. The Fisher family now has a collective net worth of $7.3 billion, Forbes estimates. Fisher and her sons, John, Bob, and Bill Fisher were worth $8.3 billion in January, Forbes reported.
Fisher, 88, founded Gap with her late husband Don in 1969 and served as Gap's chief merchandiser until 2003, according to Forbes. Fisher's family controls 43% of the company through various trusts and limited-liability companies and three of the 13 seats on the company's board, according to Fortune.
Gap's latest stock drop occurred on Thursday, when CEO Art Peck resigned from his position and his seat on the company's board, the Associated Press reported. The company - which also owns Old Navy, Banana Republic, and Athleta - also cut its earnings outlook for the rest of the year.
Business Insider's Bethany Biron visited a Gap location in Manhattan's Financial District in June and found that the store had traded "classic denim and simple silhouettes" for "styles [that] seemed fairly stale and uninventive.
"Looking to the future, Gap will need to make significant changes to stay relevant," Biron wrote.
The Fishers aren't the only family of retail billionaires to see their fortune shrink in 2019. Forever 21 cofounders Jin Sook and Do Won Chang fell out of the three comma club in July, just before the fast-fashion chain filed for bankruptcy September 29, Business Insider previously reported. The Changs are now worth $800 million apiece, down from $2.9 billion in 2015, Forbes estimates.
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