Gap is eliminating about 500 corporate jobs, after enduring years of slumping sales at the flagship Gap brand and more recently at the Old Navy chain.
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Gap Inc. is eliminating about 500 corporate jobs, according to people familiar with the matter, moving to reduce expenses atThe jobs are mainly at Gap’s main offices in San Francisco and New York as well as in Asia, the people said. The company is laying off staff and eliminating positions that are currently open across a range of departments. Some employees have been notified of the layoffs in recent days, the people said.
"We’ve let our operating costs increase at a faster rate than our sales, and in turn our profitability," Bob Martin, Gap’s executive chairman and interim CEO, wrote in a memo to employees on Tuesday notifying them of the job cuts, according to a copy reviewed by The Wall Street Journal.The company has endured years of slumping sales at the flagship Gap brand and, more recently, problems at the Old Navy chain, which accounts for more than half of total revenue.
Sales at Old Navy took a hit this year after an attempt to make inclusive clothing sizes backfired, leaving it with surplus goods. The company is searching for a permanent chief executive after the resignation of Sonia Syngal in July.to make clothes under the Yeezy Gap label, after Mr. West accused the company of breaching the 10-year agreement.
The job cuts are unrelated to the winding down of the Yeezy Gap partnership. Gap plans to introduce Yeezy Gap items it has in the pipeline, meaning the label won’t disappear right away, people familiar with the situation said.
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