Gap plans for even more layoffs, potentially affecting SF employees
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San Francisco-headquartered clothing retailer Gap plans to lay off hundreds of employees as part of a companywide restructuring that would “flatten the organization” and “improve the quality and speed of decision-making, starting with our leadership team,” interim CEO Bob Martin said during the brand’s most recent earnings call.
It’s not yet clear how many employees will be laid off and which offices will be cutting staff. People working in Gap’s international sourcing division were notified of the layoffs April 18, and the company plans to inform employees about prospective layoffs at its San Francisco office later this week, the Wall Street Journal first reported. During the earnings call, Martin said the job cuts were estimated to save the company about $300 million annually, “of which roughly half is expected to be realized in fiscal 2023.” When reached by SFGATE, a spokesperson for Gap declined to comment on the record.
Source: SFGATE
