Gap will cut 1,800 corporate jobs | CNN Business

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.

Singapore Singapore Latest News, Singapore Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

The 'Engagement Gap': Ring sales stall as the pandemic put love in limbo | CNN BusinessIt seems to be a turbulent time for retailers who cater to couples in love.
Source: CNN - 🏆 4. / 95 Read more »

Kim Kardashian reveals the 'magic' of her success to CNN's Poppy Harlow | CNN BusinessJust a few years ago, Kim Kardashian was dyeing her own shapewear in a sink with teabags. Fast forward to the present day, the idea has blossomed into Skims — a $3.2 billion brand that has catapulted the reality TV star into a business titan.
Source: cnni - 🏆 326. / 59 Read more »

Central banks end crisis-fighting measure as bank tumult recedes | CNN BusinessLast month, the collapse of Silicon Valley Bank, the second-largest bank failure in US history, unleashed broader panic and raised fears the global financial system would seize up. Now, central banks are signaling that their immediate concerns have eased.
Source: cnni - 🏆 326. / 59 Read more »