Gap Inc. is slashing its corporate workforce.
The apparel retailer is eliminating about 500 corporate jobs, mostly at Gap’s offices in San Francisco, New York and Asia. The cuts, which include open positions, are occurring in various departments. The news was first reported by The Wall Street Journal.
“We’ve let our operating costs increase at a faster rate than our sales, and in turn our profitability,” Gap executive chairman and interim CEO Bob Martin wrote in a memo to employees notifying them of the job cuts, according to the Journal.Chain Store Age