Why is OLD NAVY called old navy?

i went to old navy and i got some flip flops and i was so curious why it is called that name?
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In 1994, the Founder of Gap, Inc., and the CEO were visiting Paris, France and came upon a place distinctly named Old Navy and it struck a chord with them. The Old Navy official site says, "Old Navy was named after a bar in Paris."
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lol i dont know thats funny