July 27 (Reuters) - Gap Inc has turned to Richard Dickson, credited with turning around the Barbie brand at Mattel, to lead the struggling retailer's revamp efforts after years of inconsistent sales and profits. The exit of Art Peck in 2019 after nearly four years as CEO in the middle of a restructuring plan to split Old Navy and its namesake brand weighed on the company's fortunes. Here is a timeline of the major problems at the company: Date Events Nov. 7, 2019 CEO Art Peck marks surprise exit in the middle of a restructuring and Robert Fisher, a member of the founding family behind Gap, was named interim CEO Nov. 21, 2019 Reiterates plan to separate Old Navy from the namesake brand that has been underperforming for a long time Jan. 16, 2020 Gap scraps plan to spin off Old Navy and instead aims to work to stem dropping sales March 5, 2020 Names Old Navy head Sonia Syngal as its new CEO replacing interim chief Robert Fisher who stepped down as chairman of Gap's board March 12, Gap flags a $100 million sales hit in Asia 2020 and Europe from the coronavirus, which also impacts its home market March 18, Gap closes stores for two weeks to stem the 2020 spread of the novel coronavirus March 26, The company withdraws annual forecast, 2020 suspends its dividend and draws down on its entire $500 million credit facility to weather the coronavirus crisis April 23, Gap warns it may not have enough funds to run 2020 its operations in the next 12 months and says would need to cut costs and raise money by issuing debt. June 4, 2020 Reports a quarterly loss of nearly $1 billion June 26, 2020 Gap enters into a 10-year deal with rapper and fashion designer Ye, or Kanye West, to create a Yeezy line of clothing Oct. 21, 2020 The company considers closing stores in some European countries, as it looks to save cash while dealing with a sales slump brought on by the pandemic and competition from fast-fashion companies June 30, 2021 Gap in talks with its partners to sell its stores in Italy and France July 11, 2022 Gap's CEO Sonia Syngal to step down just over two years into the role, as it wrestles with weak demand for its casual attire and a slump in its stock price Aug. 25,2022 An inventory glut and weak sales of outdated clothes prompt Gap to withdraw annual forecasts Sept. 15, Kanye West's lawyers sends a letter to Gap 2022 notifying that the rapper and fashion designer was terminating his partnership Sept. 20, Gap eliminates about 500 corporate jobs 2022 April 27, The company cuts about 1,800 jobs in a second 2023 round of layoffs July 26, 2023 Gap names Mattel's chief operating officer, Richard Dickson, as top boss after a year-long search (Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Sriraj Kalluvila)
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