Gap Inc. (GPS) is taking cost cutting measures by laying off over five hundred employees in 2023. The company is looking to improve efficiency and move into profitability by removing a large number of its corporate staff. Persons familiar with the matter told different business outlets that the layoffs will exceed five hundred this time around and would include its global workforce. Shares fell by 6 percent, on Tuesday. Gap shares have seen a fall of 16 percent to date.
In September, the apparel company cut around five hundred jobs mainly in San Francisco and New York, to save about $250 million each year, according to the WSJ.
Gap has not hired a CEO after Sonia Syngal parted ways with the company in July. In a memo seen by CNBC, Interim CEO Bob Martin told employees, “Our goal is to flatten the organization, increase spans of control to create more robust roles and individual empowerment, and decrease layers to remove bottlenecks and make better, faster decisions.”
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An internal memo sent by the retail chain CNBC said that there would be three phases of job cuts. The international sourcing division has seen layoffs on April 18, followed by job cuts at its San Francisco headquarters, this week. The final phase of job cuts will take place in finance teams, next month.
The clothing retailer had roughly 95,000 employees on January 28 of this year, according to a regulatory filing. About 81 percent of the jobs are in retail. The apparel maker has four big brands
Gap
Old Navy
Athleta and
Banana Republic.
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Other large companies that have laid off hundreds or thousands of employees across industries this month as a fear of a recession in the nation grows include the following
Meta Platforms
Alphabet and Google
Disney
Walmart
3M
Red Hat
Lyft
Deloitte
Whole Foods
McDonalds and others.
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