Unbelievable!

Gap changed its logo! and people hate it... and when you see it, you understand why. It's really a bad logo, non-inspiring at all.

Brandchannel.com nicely described that change:
"But ditching the classic logo, recognized by everyone, in favor of whatever that new monstrosity is, demonstrates a prototypical brand panic move. With things not going in its favor, the brand decides to change the one valuable element it has going for it"
"Ironically maybe, the new logo is perfect for the brand. It communicates exactly the values currently embodied by Gap: A sense of being lost and a lack of clear vision and creativity"
See full article here.