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Gap cuts 500 corporate jobs as profits dwindle

GAP
Posted at 4:28 PM, Sep 20, 2022
and last updated 2022-09-20 16:28:31-04

Long-time American apparel brand Gap is cutting around 500 corporate jobs amid shrinking profits as the company experiences dwindling sales and struggles to modernize.

The company announced on Tuesday that it has found it hard to protect its margins trying to sell outdated clothing at brands like Old Navy, Reuters reported.

The company said that it would be eliminating roles, including open ones, at offices mainly in San Francisco, New York, and Asia.

Gap is currently transitioning CEOs after Sonia Syngal resigned this year and is currently being led by interim Executive Chairman Bob Martin.