Gap, Inc. is cutting about 500 corporate positions amid declining sales and a push to cut spending.
The job cuts come as the apparel retailer cuts back on spending amid declining sales and the ending of its partnership with Kanye West’s Yeezy brand.Qilai Shen | Bloomberg | Getty Imagesis cutting about 500 corporate jobs as the clothing retailer struggles with declining sales.
The job cuts, which include open positions, will be primarily at Gap's offices in San Francisco, New York and Asia and hit various departments, a representative for the retailer confirmed Tuesday. The moves were first reported by theThe San Francisco-based company has experienced a slew of setbacks, including issues with the product assortment at its Old Navy brand, which accounted for more than half the company's sales in its fiscal 2021.
And last week, Gap's partnership with Kanye West's company Yeezy ended after the rapper accused the company of breaching terms of their agreement. West, who goes by Ye, said Gap failed to distribute Yeezy products at its stores by the second half of 2021 and did not create dedicated Yeezy Gap stores as promised.he was dissatisfied with progress on launching physical Yeezy stores in partnership with the retailer.
The retailer later confirmed the break, but said it still plans to work through its Yeezy product pipeline.
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