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.
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