247 Local Media247 Local Media

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    An Overview of Online Casinos vs Traditional Casinos

    December 8, 2022

    Types of Specialists for Erectile Dysfunction

    October 31, 2022

    When students’ basic needs are met by community schools, learning can flourish

    September 27, 2022
    Facebook Twitter Instagram
    • Home
    Facebook Twitter Instagram
    247 Local Media247 Local Media
    Subscribe
    • Home
    • Automotive
    • Business
    • CBD
    • Crypto
    • Education
    • Entertainment
    • Fashion
    • Finance
    • Health
    • Home Improvement
    • Law \ Legal
    • News
    • Shopping
    • Sports
    • Technology
    • Travel
    • Contact US
    247 Local Media247 Local Media
    Home»Business»Gap cutting 500 corporate jobs as it battles weak sales
    Business

    Gap cutting 500 corporate jobs as it battles weak sales

    By September 21, 2022No Comments1 Min Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email
    Gap cutting 500 corporate jobs as it battles weak sales
    Share
    Facebook Twitter LinkedIn Pinterest Email
    Gap cutting 500 corporate jobs as it battles weak sales



    Gap is eliminating about 500 corporate jobs, the apparel chain said on Tuesday, as it struggles to protect margins and battles weak sales of outdated clothes at brands including Old Navy.

    The company is laying off staff and eliminating positions that are currently open across a range of departments, it said. The eliminated roles are mainly at its offices in San Francisco, New York and in Asia.

    The Wall Street Journal first reported the news.

    Shares of the Banana Republic parent declined about 3% in afternoon trade, taking the year-to-date decline to 48%.

    Late last month, the company withdrew its annual forecasts due to an inventory glut and weak sales. 

    Gap is in the middle of a CEO transition after Sonia Syngal stepped down earlier this year, and is currently led on an interim basis by Executive Chairman Bob Martin.

    The company had a workforce of about 97,000 employees as of Jan. 29, with around 9% of employees working at its headquarters locations, according to a regulatory filing.



    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    Beyond Meat, Impossible struggle due to ‘woke’ perception: analysts

    September 26, 2022

    Developer hustles to build ‘Bustle’ in Penn Station area

    September 26, 2022

    Amazon rolls out second Prime Day this year for first time ever

    September 26, 2022
    Add A Comment

    Comments are closed.

    Editors Picks
    Recent Posts
    • An Overview of Online Casinos vs Traditional Casinos
    • Types of Specialists for Erectile Dysfunction
    • When students’ basic needs are met by community schools, learning can flourish
    • Walmart and Target Are Hiring 140,000 Seasonal Workers
    • 7 Ways to Get Affordable Dental Care for Adults and Children
    Archives
    • December 2022
    • October 2022
    • September 2022
    • August 2022
    • July 2022
    • June 2022
    • September 2021
    Facebook Twitter Instagram Pinterest Vimeo YouTube
    • Home
    © 2022 - 247 Local Media- All Rights Reserved.

    Type above and press Enter to search. Press Esc to cancel.