Gap slashes 500 corporate jobs in cost-cutting move
By ANNE D’INNOCENZIO
AP Retail Writer
NEW YORK (AP) — Gap is slashing 500 corporate jobs in San Francisco and New York as it looks to reduce expenses amid languishing sales. The job cuts, confirmed by a company spokesperson, follow years of struggle at the San Francisco-based retailer, which operates its namesake stores as well as the Old Navy, Banana Republic and Athleta chains. But the pandemic and surging supply chain costs have exerted even more of a financial toll on the retailer. And last week, Gap and Kanye West ended a partnership to distribute the rap artist’s Yeezy clothing line. About 8,700 of Gap’s total workforce of 97,000 work at corporate sites.
