Gap Plans To Eliminate 500 Jobs: WSJ

Loading...
Loading...
  • Gap Inc 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 WMTAbercrombie & Fitch Co ANF, and Bed Bath & Beyond Inc 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
Market News and Data brought to you by Benzinga APIs
Posted In: NewsSmall CapMediaGeneralBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...