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Gap Plans To Eliminate 500 Jobs: WSJ

·1 min read
  • Gap Inc (NYSE: GPS) looks to slash about 500 corporate jobs in order to cut expenses.

  • The jobs are mainly at Gap's main offices in San Francisco and New York as well as in Asia, the WSJ reported, citing people familiar with the matter.

  • Also ReadKanye West's Yeezy Cuts Ties With Gap: What You Need To Know

  • "We've let our operating costs increase at a faster rate than our sales, and in turn, our profitability," the report quoted interim CEO Bob Martin in a memo to employees.

  • The company has been struggling with a slump in sales, especially in its Old Navy brand, which accounts for the majority of the company's sales.

  • The job cut follows similar moves by other retailers, including Walmart Inc (NYSE: WMT), Abercrombie & Fitch Co (NYSE: ANF), and Bed Bath & Beyond Inc (NASDAQ: BBBY), as rising inflation changes spending patterns.

  • Also, Gap issued a statement on the launch of The Athleta Look, a unique styling formula, and a corresponding eight-piece performance-based capsule collection.

  • Price Action: GPS shares are trading lower by 3.68% at $9.17 on the last check Tuesday.

  • Photo Via Company

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