Gap Inc. is cutting about 500 corporate jobs as the clothing retailer struggles with declining sales.
The job cuts, which include open positions, will be primarily at Gap's offices in San Francisco, New York and Asia and hit various departments, a representative for the retailer confirmed Tuesday. The moves were first reported by The Wall Street Journal.
The San Francisco-based company has experienced a slew of setbacks, including issues with the product assortment at its Old Navy brand, which accounted for more than half the company's sales in its fiscal 2021.
And last week, Kanye West, who goes by Ye, said he was ending his company Yeezy's partnership with Gap after the rapper accused the retailer of breaching terms of their agreement. Ye said Gap failed to distribute Yeezy products at its stores by the second half of 2021 and did not create dedicated Yeezy Gap stores as promised.
Ye told CNBC he was dissatisfied with progress on launching physical Yeezy stores in partnership with the retailer. Gap later confirmed the break, but said it still plans to work through its Yeezy product pipeline.
As it struggles to get sales back on track, Gap is also still looking for a new leader after CEO Sonia Syngal abruptly stepped down in July after about two years on the job. Last month, the company withdrew its 2022 financial outlook, citing execution challenges and uncertain macroeconomic conditions.
– CNBC's Jack Stebbins contributed to this report.
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September 21, 2022 at 12:24AM
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Gap eliminating about 500 corporate jobs as sales fall - CNBC
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