Gap, Inc. to Lay Off 500 Corporate Employees

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Gap, Inc. to Lay Off 500 Corporate Employees - WSJ

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Gap, Inc. to Lay Off 500 Corporate Employees - WSJ

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By Sam Boughedda

Gap, Inc. (NYSE:GPS) is set to lay off 500 corporate employees, according to a report by The Wall Street Journal on Tuesday.

The publication revealed that its sources told them Gap is aiming to cut spending as sales and profits decline.

The layoffs are said to be primarily at Gap's main offices in San Francisco and New York, as well as Asia, with the positions being cut across various departments. Some employees were said to have already been notified.

Gap has experienced a decline in popularity over the last few years, with sales sliding at the flagship brand and issues with its Old Navy chain. In addition, with soaring inflation and declining consumer spending, sales have taken a further hit this year. They were also left with surplus goods after an attempt to create inclusive clothing sizes backfired.

Last week, Gap's partnership with Kanye West ended after the rapper, record producer, and fashion designer accused Gap of breaching the 10-year deal.

The WSJ said the job cuts are unrelated to the winding down of the partnership.

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