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Gap cuts 500 corporate jobs

Yahoo Finance anchors discuss Gap cutting corporate jobs across its San Francisco, New York, and Asian offices as sales slow.

Video Transcript

JULIE HYMAN: Speaking of job news, although this on the other side, Gap is cutting about 500 corporate jobs as the retailer continues to struggle with declining sales. Those cuts mainly in Gap San Francisco, New York, and Asia offices across a range of departments. And the move comes after the company ended its partnership with Kanye West last week and as it continues to look for a new permanent CEO. Bob Martin filling that role on an interim basis.

But it also comes as the company has really struggled to maintain any kind of sales increases here in this environment. Old Navy, which had been the strong brand within the portfolio, has been also not doing great.

BRAD SMITH: Yeah, this is significant. And it'll be interesting in terms of the different categories that they look across or the different job functions specifically within Gap, given all of those subsidiaries that they do have. And where that restructuring perhaps even in the future and that frame of mind may kind of persist and take place.

Looking at some of the brands that have been doing well, Banana Republic, sure, yeah, had a good past two quarters. But even going forward from now, I think so much of the fanfare has still been around, OK, Athleta, what are you going to do to really beef up that brand? And then on the other side, how are you going to get Old Navy back into good graces with consumers? And that is where the strategic approach should be lying for company in Gap too.