Gap Inc said on Thursday it would cut about 1,800 jobs in a second round of layoffs, joining a set of big U.S. companies that are downsizing in earnest as high inflation eats into consumer wallets.
Gap said it expects to take on about $100 million to $120 million in aggregate pre-tax costs - consisting of about $75 million to $85 million in employee-related expenses - as a result of the workforce reduction, which is expected to be completed by the end of the first half of fiscal 2023.posted
a bigger-than-expected fourth-quarter loss and forecast 2023 sales below estimates, hurt by slowing demand for its apparel and challenges around outdated inventory at its Old Navy brand. Consumers, especially at the lower- to mid-income rung, have curbed spending on non-essential items, impacting sales of apparel with all of Gap's four brands posting a fall in sales in the fourth quarter.
The company is in the middle of a CEO transition after Sonia Syngal stepped down last year, and is currently led on an interim basis by Executive Chairman Bob Martin. Reporting by Anne Florentyna Gnanaraja Sekar and Ananya Mariam Rajesh in Bengaluru; Editing by Savio D'Souza
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