Boss of fashion retailer Gap ousted as rescue plan falters      

Gap shares fell as rising costs and discounts thwarted Sonia Syngal’s turnaround plan after over two years as chief executive of the clothing retailer.

Gap shares fell as rising costs and discounts thwarted Sonia Syngal’s turnaround plan after over two years as chief executive of the clothing retailer.

Chairman Bob Martin is taking over immediately as interim CEO, and the retailer lowered its expectation for second-quarter operating margin to zero. The shares, which fell as much as 8.7% in New York trading, have lost more than half their value so far this year.