San Francisco-Based Gap Inc. Slashes 1,800 Positions
Written by Julie ZigorisPublished Apr. 27, 2023 • 2:16pm
Business
A pedestrian passes the Gap store at 2159 Chestnut St. in San Francisco. | Samantha Laurey for The Standard
Gap Inc. is laying off 1,800 employees, according to reporting by the San Francisco Business Times, with the cuts primarily affecting corporate workers in San Francisco.
A regulatory filing on Thursday confirmed earlier reports of the layoffs, which come after a previous round of pink slips in September 2022 that cut 500 positions.
“We are taking the necessary actions to reshape Gap Inc. for the future,” said Bob Martin, Gap’s executive chairman and interim CEO, “simplifying and optimizing our operating model.”
Earlier this year, the company shrank the footprint of its flagship Banana Republic store and closed down the Union Square location of Athleta, one of its subsidiary brands.
It seems the bad news keeps coming for the San-Francisco based retail giant, once a pop culture darling but a company that has lately struggled to find its identity in an increasingly crowded apparel market.
The layoffs will result in an estimated yearly savings of $300 million, according to Martin.
Julie Zigoris can be reached at [email protected]
