Gap axes 500 corporate jobs as apparel chain battles weak sales

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Gap is eliminating nearly 500 corporate jobs, the apparel chain said Tuesday, as it struggles to protect margins and grapples with weak sales of vintage clothing at brands including Old Navy.

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The company is laying off employees and eliminating positions that are currently open in several departments. The removed roles are primarily in San Francisco, New York and its offices in Asia.

wall street journal first reported,

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Shares of the Banana Republic parent fell nearly 3% in afternoon trading, reducing the year-over-year decline to 48%.

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

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

According to a regulatory filing, the company had a workforce of about 97,000 employees as of January 29, with about 9% of the employees working at its headquarters locations.

Credit: nypost.com /

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