GAP Eliminates 500 Corporate Jobs
Gap Inc is eliminating 500 corporate jobs as the company is struggling to make the margin, the authority of the company informed on Tuesday. The company is laying off staff in San Francisco, New York and Asia and eliminating positions that are currently open across a range of departments, it said. Late last month, Gap Inc withdrew its annual forecasts due to an inventory glut and weak sales.
While the company is facing a leadership crisis as Gap is in the middle of a CEO transition after Sonia Syngal stepped down earlier this year, and is currently led on an interim basis by Executive Chairman Bob Martin. Shares of the Banana Republic parent declined about 3% in afternoon trade, taking the year-to-date decline to 48%.
According to a regulatory filing, The company had a workforce of about 97,000 employees as of Jan. 29, with around 9% of employees working at its headquarters locations.
