Gap said Thursday that it will lay off 1,800 employees as the struggling retailer looks to cut costs.
SAN FRANCISCO -- The Gap is laying off 1,800 corporate workers, roughly three time the number of headquarters jobs it cut last fall, as the struggling chain cuts costs in a bid to become more nimble.
Executive chairman Bob Martin, who is also interim CEO, said the layoffs will lead to $300 million in annualized savings. The layoffs should be completed by the end of July, according to the regulatory filing. Gap has been struggling with a sales slump for years despite numerous initiatives to fix the business through a revolving list of executives. The pandemic and surging supply chain costs have exacerbated financial conditions at The Gap, in addition to other disruptions.
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