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.
Way to go Joe Biden
Can the gap fix its own gap without causing any more gaps? Hopefully they can bridge this gap.
kanyewest
Gap and Banana republic are overpriced. Who can even afford to shop a good amount of clothes there? You’ll probably just leave with one or two pieces at the most. Of course lack of sales will hurt employment.
Were any of them grey haired women? People lose their 💩 over that stuff!
Massive cutbacks are sweeping the nation at large corporations. Just in time for the midterms 😳 Way to go, Joe!! 🤣 .
Fall out of the Gap.
Well at least they are Corporate Jobs! Good Job, Gap!
Where will I get the clothes that are 30 years too young for me if they fail?
Meanwhile, they pay their average “ worker” cents on the dollar. 🤔
What were the reasons
The company is laying off staff and eliminating positions that are currently open across a range of departments .
very sad
they're creating more gaps by doing this