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Business Briefing / RETAIL

Gap agrees to buy Athleta

September 23, 2008|From Times Wire Services

Gap Inc. agreed to buy Athleta Inc. for about $150 million in cash to boost Gap's offerings of women's athletic apparel.

Athleta, based in Petaluma, Calif., sells its products through catalogs and on its website. Gap, based in San Francisco, plans to sell the clothing online along with the Old Navy, Banana Republic, Gap and Piperlime brands.

Gap shares fell 27 cents to $18.81. The purchase was announced after markets closed.

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