Global News

[ad_1] The Shein logo can be seen on a smartphone, while the Chinese online retailer's website is open on a laptop.  Monika Skolimowska | Picture Alliance | Getty Images China-founded e-commerce company Shein's hopes of going public in the United States are growing slimmer by the day, according to experts, as rising tensions between Beijing and the U.S. roil business and trade. The company, last valued at $66 billion, confidentially filed to go public in the U.S. in November. Since then, it has faced resistance as it tries to join the American retail sphere, including through numerous rejected attempts to become a member of the National Retail Federation, the industry's largest trade association, CNBC previously reported. The e-commerce upstart filed to go public while becoming a household name in the U.S. by offering low prices and a facility to offer new styles quickly. The company is poised to take major market share from U.S. retailers, particularly Gap , TJX C

[ad_1] Gap will lay off about 1,800 employees, more than three times as many as the 500 layoffs it announced in September , as part of a broad effort to cut costs and streamline operations, the company said Thursday.  The layoffs will affect roles at Gap's headquarters locations along with upper field positions, or workers such as regional store leaders who hold leadership titles outside of a headquarters office, the company said. CNBC reported Tuesday that the company would lay off more than 500 employees. The job cuts come as the apparel retailer struggles to return to profitability while sales sag. The layoffs are expected to result in annualized savings of $300 million, Gap's interim CEO, Bob Martin, said in a statement. Gap expects to see half of those savings in 2023, and expects to complete the layoffs by the end of July, according to a securities filing. "We are taking the necessary actions to reshape Gap Inc. for the future — simplifying and optimizing our