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Gap Inc is set to eliminate approximately 1,800 jobs from its global workforce as part of a broad restructuring plan, which is expected to save the retailer an extra $300m (£240.9m) annually.
In a statement, the company said yesterday (27 April) that this is part of a plan outlined in March and that the positions being made redundant are mainly at its San Francisco and New York headquarters, as well as some senior field roles.
The company began notifying staff of its plans to downsize on Tuesday 18 April, while its San Francisco headquarters was informed about potential layoffs this week.
According to a regulatory filing, Gap Inc’s workforce stood at about 95,000 employees as of 28 January 2023.
This is the latest company among many in America, which includes Clorox Co and Wayfair Inc, that are downsizing their workforces due to mounting worries of a recession looming.
The job cuts planned at Gap are the largest yet, following its downsizing by 500 corporate roles in September 2022.
Gap declined to comment further on the report.
