Gap slashes 500 corporate jobs in cost-cutting move
Gap is slashing 500 corporate jobs in San Francisco and New York as it looks to reduce expenses amid languishing sales, a company spokesperson confirmed
NEW YORK (AP) — Gap is slashing 500 corporate jobs in San Francisco and New York as it looks to reduce expenses amid languishing sales, a company spokesperson confirmed on Tuesday.
The job cuts follow years of struggles at the San Francisco-based retailer, which operates stores under its namesake brand as well as Old Navy, Banana Republic and Athleta. But the pandemic as well as surging supply chain costs have exerted even more of a financial toll on the retailer. And last week, Gap and Kanye West ended their partnership to distribute the rap artist's clothing line under the Yeezy name. The partnership was announced two years ago with much fanfare.
As of Jan. 29, the company had a workforce of roughly 97,000 employees; 9% of them or roughly 8,700, work in corporate sites.
The news comes as a string of other retailers have trimmed their staffing including Walmart, Best Buy and Peloton. Home goods retailer Bed Bath & Beyond, based in Union, New Jersey, said earlier this month that it will close about 150 of its namesakes stores and slash its workforce by 20%.
