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Gap discloses plan to lay off 1,800 employees as it looks to decrease management layers

Clyde Edgerton by Clyde Edgerton
April 27, 2023
in Markets
Gap discloses plan to lay off 1,800 employees as it looks to decrease management layers
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San Francisco-based Gap Inc. GPS disclosed Thursday that it was laying off 1,800 employees from its headquarters and its “upper field” workforce as part of a restructuring plan that includes simplifying its operations and decreasing management layers. The apparel retailer’s stock gained 0.6% in premarket trading. The layoffs represent 1.9% of the 95,000 employees that company had as of Jan. 28. Gap said it expects to incur about $100 million to $120 million in costs as a result of the restructuring, including $75 million to $85 million in employee-related costs. The company expects the planned job cuts to completed by…



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