Roughly 500 corporate jobs are being eliminated at the Gap, adding to the problems that the beleaguered retailer is currently facing.
The cuts include a mix of layoffs and open roles being axed at the company’s corporate offices in New York, San Francisco and across Asia, according to a person familiar with the situation. The Wall Street Journal, which first reported the news, said the layoffs started in recent days and amount to roughly 5% of the Gap’s 8,700 corporate employees.
He added that Old Navy is no longer as strong as it had been in boosting the Gap’s bottom line. “Traditionally, Gap could rely on its Old Navy banner to cover some of the sluggishness in other parts of the business. However, with the division suffering from supply chain issues and softening demand from the family segment, the whole company is very exposed and needs to take tougher actions to appease investors and present better numbers over the second half of the year,” Saunders wrote.
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