Gap will cut more than 500 workers in latest layoffs, as struggling retailer tries to reduce costs
Publishing timestamp: 2023-04-25 14:56:33
Summary
Gap is laying off over 500 employees in an effort to cut costs and become more efficient. The cuts will be larger than the 500 layoffs announced in September for corporate positions. The goal is to flatten the organization, increase spans of control, and decrease layers to remove bottlenecks and make better, faster decisions. The changes are expected to result in $300 million in savings, with the first half coming in fiscal 2023. Gap has had a rough year with a drop in sales, bloated inventory levels, and a search for a permanent CEO.
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Keywords: labor economy, business, business news, breaking news: business, retail industry, personnel, gap inc,
Source: https://www.cnbc.com/2023/04/25/gap-will-lay-off-more-than-500-employees.html