Can Gap bounce back after becoming fashion's 'basic' brand?

America's former sweetheart Gap was once praised for its timeless basic collection as everyone sought out its denim jeans and fleece pullovers. However as the wheel of fashion continues to turn, attention for the brand waned greatly over the years as consumers moved onto bigger and brighter fashion grounds. As the brand's popularity fades and Gap Inc market value drops, leading to the closing of multiple stores, FashionUnited asks where Gap Inc went wrong and can they still turn things around? Or should they just cut their losses and fading brands which are weighing down the company?