Gap to lay off 1,800 workers as part of broad push to cut costs
Publishing timestamp: 2023-04-27 16:48:31
Summary
Gap plans to lay off 1800 employees, more than three times the number announced in September, in an effort to cut costs and streamline operations. The layoffs will affect employees at headquarters and upper field positions, and are expected to result in annualized savings of $300 million. The company has been struggling to return to profitability while sales sag, and the layoffs are part of a broader effort to reshape the company for the future. The interim CEO, Bob Martin, said the layoffs will "release untapped potential" across Gap's brands, but also acknowledged that they mean saying goodbye to friends and team members.
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Keywords: personnel, apparel retail, breaking news: business, layoffs, business, gap inc, retail industry, labor economy, business news,
Source: https://www.cnbc.com/2023/04/27/gap-to-lay-off-1800-workers.html