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While Gap Inc.’s (NYSE:GPS) interim chief executive Robert Fisher told his employees in a memo that the retailer is not for sale, the New York Post reported citing unnamed sources, the market is still rife with expectation that the company will eventually become a takeover target, perhaps by private equity groups hoping for another retail comeback.

The note, titled “How we’ll be great again,” listed ten ideas such as letting “creativity flourish,” creating “realistic expectations,” and facing “our mistakes,” according to a copy obtained by The New York Post.

Gap shares soared earlier in January after it was reported that the company hired Goldman Sachs as an adviser to explore strategic alternatives.

Shares in the US$15.5-billion operator of Gap and Old Navy stores have since fallen off, but pressure for a turnaround at the once-successful retailer has not subsided.

While some private equity firms may be reluctant to take on the challenge at Gap, CNBC Mad Money host Jim Cramer said on Wednesday he expects a private equity takeout that could bring US$25 per share.

Gap shares are currently trading near US$19.15.

On Monday, Gap announced that Paul Pressler would step down as president and chief executive officer, as well as resign his seat on the company’s board, effective immediately.

His replacement, Mr. Fisher, is also the son of the company’s founder.

Source: The Gap: Private Equity Speculation Continues