Customer Service
Gap slashing corp workforce in expense reduction strategy
September 26, 2022
Gap Inc. is reportedly cutting 500 corporate roles in a quest to reduce expenses.
The layoffs are taking place at the retailer's offices in new York, Asia and San Francisco, according to a Wall Street Journal report, and will include positions across several departments.
"We've let our operating costs increase at a faster rate than our sales, and in turn our profitability," Bob Martin, Gap's executive chairman and interim CEO, stated in a memo to employees, according to the Journal.
The news comes a month after finance leader Katrina O'Connell stated the company is looking to reduce spend and overhead as well as pull back on planned hiring, and on the heels of Walmart announcing it will hire on about 40,000 seasonal employees this year, compared to 150,000 it hired for last year's big retail sales time.
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