Looks more like they're trying to visually compete with American Apparel's use of Helvetica.

http://cache.gawker.com/assets/images/gawker/2010/10/gaplogo...

http://www.eternitemedia.com/blog/wp-content/uploads/2010/01...

EDIT—it looks like someone at iso50 had the same idea: http://blog.iso50.com/wp-content/uploads/2010/10/gapdesign2s...

It's a shame. Their condensed old style serif font subtly reminds me of Nirvana's condensed serif font.

http://www.survivingthestores.com/wp-content/uploads/2010/06...

http://www.midnightincoventry.co.uk/site/images/stories/nirv...

yeah for me it looks like something a Hollywood prop department would come up with when tasked with creating a "Logo for Megacorp"