The layoffs will impact the company’s corporate workers. As of January, Gap had around 95,000 employees globally, and 9% of them were corporate staff. Gap\n \n , which also owns Old Navy, Banana Republic and Athleta, said the cuts will result in around $300 million in annual savings for the company. It’s Gap’s second round of job cuts in recent months. In September, Gap slashed roughly 500 corporate jobs.
Gap continues to operate without a permanent leader after its previous CEO stepped down in July. Over the past year, the company’s stock has dropped 23%. Dozens of major companies have cut jobs in recent months, including Tyson Foods\n \n , 3M\n \n and Lyft\n \n in April. The slew of widely publicized layoffs comes as the job market begins to slow, following months of historic post-pandemic growth.