Roughly 500 corporate jobs are being eliminated at the Gap, adding to the problems that the beleaguered retailer headquartered in San Francisco 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 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.
Neil Saunders, managing director at GlobalData, wrote in an analyst note that the job cuts"make sense" because of the company's slowing sales and shrinking retail footprint. He added that Old Navy is no longer as strong as it had been in boosting the Gap's bottom line.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Gap Is Cutting 500 Corporate JobsGap is eliminating about 5% of headquarters staff as it moves to reduce expenses amid declining sales and profits.
Read more »
Gap eliminating about 500 corporate jobs as sales fallGap, Inc. is cutting about 500 corporate positions amid declining sales and a push to cut spending.
Read more »
San Francisco clothing giant lays off 500 employeesGlobal clothing titan Gap is laying off 500 employees, the company confirmed to SFGATE on Tuesday.
Read more »
Stock market's June lows are back in sight after S&P 500 loses grip on 3,900A slip by the S&P 500 below key chart support at 3,900 opens the door to a test of June stock-market lows, a top Wall Street technician warns.
Read more »
S&P 500 Futures, yields grind higher as market appears dicey ahead of key central bank movesS&P 500 Futures, yields grind higher as market appears dicey ahead of key central bank moves – by anilpanchal7 SP500 Futures YieldCurve CentralBanks RiskAppetite
Read more »