Last month, Gap withdrew its annual forecasts due to an inventory glut and weak sales.
The company is laying off staff and eliminating positions that are currently open across a range of departments, it said. The eliminated roles are mainly at its offices in San Francisco, New York and in Asia.Shares of the Banana Republic parent declined about 3% in afternoon trade, taking the year-to-date decline to 48%.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.
The company had a workforce of about 97,000 employees as of Jan. 29, with around 9% of employees working at its headquarters locations, according to a regulatory filing.
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