Gap to lay off 1,800 workers as part of broad push to cut costs
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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 ...