Gap is cutting 1800 employees to increase efficiency and make better decisions, following a year of falling sales, high inventory, and turmoil at the top.
Monday, May 15, 2023
Another company has joined the corporate layoff bandwagon, with Gap set to let go of 1800 employees working at the company headquarters, VMSD reports. Gap’s brands include Old Navy, Banana Republic, and Athleta.
Bob Martin, interim CEO, points to a desire to increase efficiency as the reason for the layoffs: “Our goal is to…decrease layers to remove bottlenecks and make better, faster decisions.” In a call with investors, Martin complained that corporate staff were mired in “a complicated organizational structure.”
The layoffs come after a year of falling sales, high inventory, and turmoil at the top of the organization.
