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Gap to Close Piperlime Brand

Gap Inc. plans to close Piperlime, its predominantly online designer-fashion unit, as Art Peck prepares to take the reins as chief executive officer.

Piperlime’s annual sales were under $100 million, accounting for less than 1 percent of its parent company’s revenue, San Francisco-based Gap said Friday in a statement. Gap didn’t specify the costs of shutdown, scheduled to be completed by the end of April, saying they aren’t material to its financial results.