Gap Inc said on Thursday it would cut about 1,800 jobs in a second round of layoffs, joining a set of big U.S. companies that are downsizing in earnest as high inflation eats into consumer wallets.
Gap said it expects to take on about $100 million to $120 million in aggregate pre-tax costs - consisting of about $75 million to $85 million in employee-related expenses - as a result of the workforce reduction, which is expected to be completed by the end of the first half of fiscal 2023.posted
a bigger-than-expected fourth-quarter loss and forecast 2023 sales below estimates, hurt by slowing demand for its apparel and challenges around outdated inventory at its Old Navy brand. Consumers, especially at the lower- to mid-income rung, have curbed spending on non-essential items, impacting sales of apparel with all of Gap's four brands posting a fall in sales in the fourth quarter.
The company is in the middle of a CEO transition after Sonia Syngal stepped down last year, and is currently led on an interim basis by Executive Chairman Bob Martin. Reporting by Anne Florentyna Gnanaraja Sekar and Ananya Mariam Rajesh in Bengaluru; Editing by Savio D'Souza
Argentina Últimas Noticias, Argentina Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Deutsche Bank to cut 800 jobs after strong first quarterDeutsche Bank is to cut 800 jobs in a new cost-saving drive after reporting a bigger than expected rise in profit for the first quarter, a volatile period globally for finance companies.
Leer más »
Deutsche Bank to cut 800 jobs after strong first quarter By Reuters⚠️BREAKING: *DEUTSCHE BANK SHARES JUMP AFTER POSTING 11TH STRAIGHT QUARTERLY PROFIT, REVEALS JOB CUTS $DB $DBK 🇩🇪🇩🇪
Leer más »
UCSD unveils 800-foot-long public art installation that tells hundreds of storiesAnn Hamilton's 'Kahnop: To Tell a Story' is a massive pathway of stone bricks with raised and engraved words drawn from 1,300 documents
Leer más »
Gap discloses plan to lay off 1,800 employees as it looks to decrease management layersSan Francisco-based Gap Inc. disclosed Thursday that it was laying off 1,800 employees from its headquarters and its “upper field” workforce as part of a...
Leer más »
Events — Girls Inc. of Los Angelesad | LA Girls Rise is almost here! Are you going? Join girlsincla on May 11th at Paramount Studios for a fun & inspiring night raising funds to empower girls to rise up as leaders of today & tomorrow. Get your tickets now! Become a sponsor! Visit
Leer más »
Light & Wonder Inc. Debuts Frankenstein Slot MachineLight & Wonder Inc. have shown off a new SlotMachine they're releasing as they scored UniversalMonsters – Frankenstein for the theme.
Leer más »