No Result
View All Result
New York Weekly
Sunday, May 28, 2023
  • World
  • U.S.
  • Education
  • Entertainment
  • Politics
  • Business
  • Entrepreneur
  • Science
  • Health
  • Technology
  • Contact
  • World
  • U.S.
  • Education
  • Entertainment
  • Politics
  • Business
  • Entrepreneur
  • Science
  • Health
  • Technology
  • Contact
New York Weekly
No Result
View All Result
SUBSCRIBE
  • World
  • U.S.
  • Education
  • Entertainment
  • Politics
  • Business
  • Entrepreneur
  • Science
  • Health
  • Technology
  • Contact
Menu
  • World
  • U.S.
  • Education
  • Entertainment
  • Politics
  • Business
  • Entrepreneur
  • Science
  • Health
  • Technology
  • Contact
Search
  • World
  • U.S.
  • Education
  • Entertainment
  • Politics
  • Business
  • Entrepreneur
  • Science
  • Health
  • Technology
  • Contact
Menu
  • World
  • U.S.
  • Education
  • Entertainment
  • Politics
  • Business
  • Entrepreneur
  • Science
  • Health
  • Technology
  • Contact
Search
Close this search box.
Menu
  • World
  • U.S.
  • Education
  • Entertainment
  • Politics
  • Business
  • Entrepreneur
  • Science
  • Health
  • Technology
  • Contact
Search
Close this search box.

The Gap makes difficult decision to layoff corporate jobs amid piling challenges

by Amanda Greyfield
September 21, 2022
in Business
133,975

Image source: The Business of Fashion

The Gap is among the most well-known clothing brands in the industry, but it has suffered significant losses alongside other companies.

This year, inflation has dealt a major blow to the retail clothing industry, prompting many to make difficult decisions and letting employees go.

While other companies have laid off their in-shop employees, the Gap has made a significant decision to eliminate corporate jobs.

The report

Over 500 corporate jobs are getting eliminated from the company, which is only one factor that the retailer is facing.

According to several outlets, the cuts cover a series of layoffs and open roles getting axed at the Gap’s corporate offices.

In the United States, New York and San Francisco offices are dealing with eliminations while the same thing is being done across Asia.

According to Wall Street, the layoffs started recently, amounting to roughly 5% of the Gap’s 8,700 corporate employees.

Read also: American Eagle among a number of clothing retailers reporting weaker sales

Impact of sales

The layoffs come months after the Gap shared reports of weak first quarter earnings.

The majority of the sales slid at its flagship brand and the popular Old Navy chain.

In July, the Gap announced CEO Sonia Syngal was stepping down after less than three years in the position.

An interim CEO would take her place as the company sought a permanent leader.

Reaction to the layoffs

GlobalData managing director Neil Saunders made an analyst note, writing that the decision was practical.

He cited that the company’s slowing sales and shrinking retail footprint were factors to the decision.

Saunders also noted that Old Navy (the Gap’s more popular chain) was no longer as strong as it used to be to boost the company’s bottom line.

“Traditionally, Gap could rely on its old Navy banner to cover some of the sluggishness in other parts of the business,” he wrote.

“However, with the division suffering from supply chain issues and softening demand from the family segment, the whole company is very exposed and needs to take tougher actions to appease investors and present better numbers over the second half of the year.”

Read also: President Joe Biden optimistic about inflation getting controlled

Other problems

Last week, rapper Kanye West announced he was terminating his two-year-old partnership with the Gap, citing “substantial noncompliance.”

Among other issues, Ye alleged that the retailer breached their partnership by failing to open branded Yeezy stores and distributing his apparel – an agreement they initially met.

Gap (GPS) also confirmed it was winding down the partnership.

Meanwhile, shares of the Gap fell by nearly 3% in Tuesday trading as stocks went down by 50% for the year.

Reference:

Gap is laying off 500 corporate employees as challenges mount

Tags: Corporate jobsFeaturedKanye WestlayoffOld NavySalesThe GapYe
Amanda Greyfield

Amanda Greyfield

Amanda Greyfield's interest in health and science began during her time working in medical sales. Through her work with a medical manufacturing company, Amanda developed a deep understanding of the industry and the innovative technologies driving advancements in healthcare. Her passion for educating medical professionals and patients alike led her to transition into health and science journalism, where she could continue to promote the latest breakthroughs and trends in the field.

Next Post
How to Protect Source Water to Prevent Contamination

How to Protect Source Water to Prevent Contamination

Politics

Social media regulations to come this year

Entertainment

American Jesus finally reveals first look of Netflix series

Business

Boeing shares mixed report and 737 Max plans

Entertainment

Shang-Chi hinted to return to the MCU sooner than later

Education

Hiking opens doors to physical and mental health benefits

Entrepreneur

Bob Lee of Cash App confirmed to have been stabbed

Politics

Hunter Biden story suppression was mistake, says Twitter executives in hearing

World

Ryyan Alshebl does the impossible and becomes first immigrant mayor in Germany

Health

Insomnia connected to risks of heart attack, studies reveal

Entrepreneur

Ford pauses F-150 production due to battery fire

New York Weekly

© 2022 New York Weekly.
All Rights Reserved
A News Anchored Network Publication

Navigate Site

  • World
  • U.S.
  • Education
  • Entertainment
  • Politics
  • Business
  • Entrepreneur
  • Science
  • Health
  • Technology

Follow Us

No Result
View All Result
  • Home
  • Politics
  • World
  • Business
  • Science
  • Entertainment
  • Lifestyle
  • Technology
  • Health

© 2022 New York Weekly.
All Rights Reserved
A News Anchored Network Publication

  • World
  • U.S.
  • Education
  • Entertainment
  • Politics
  • Business
  • Entrepreneur
  • Science
  • Health
  • Technology
  • World
  • U.S.
  • Education
  • Entertainment
  • Politics
  • Business
  • Entrepreneur
  • Science
  • Health
  • Technology
  • Contact Us
  • Terms and Conditions
  • Privacy Policy
  • Contact Us
  • Terms and Conditions
  • Privacy Policy
© 2023 New York Weekly. All Rights Reserved
  • Artist Weekly
  • Atlanta Wire
  • California Gazette
  • California Observer
  • CEO Weekly
  • Celebrity News
  • Chicago Journal
  • Coin Week
  • Economic Insider
  • Entertainment Monthly News
  • Entertainment Post
  • Famous Times
  • Influencer Daily
  • LA Wire
  • Market Daily
  • Meta Digest
  • Miami Wire
  • Music Observer
  • Net Worth
  • NY Weekly
  • NY Wire
  • Portland News
  • San Francisco Post
  • Texas Today
  • US Business News
  • US Insider
  • US Reporter
  • Voyage NY

© 2023 New York Weekly. All Rights Reserved

  • Artist Weekly
  • Atlanta Wire
  • California Gazette
  • California Observer
  • CEO Weekly
  • Celebrity News
  • Chicago Journal
  • Coin Week
  • Economic Insider
  • Entertainment Monthly News
  • Entertainment Post
  • Famous Times
  • Influencer Daily
  • LA Wire
  • Market Daily
  • Meta Digest
  • Miami Wire
  • Music Observer
  • Net Worth
  • NY Weekly
  • NY Wire
  • Portland News
  • San Francisco Post
  • Texas Today
  • US Business News
  • US Insider
  • US Reporter
  • Voyage NY

NY WEEKLY

  • World
  • U.S.
  • Education
  • Entertainment
  • Politics
  • Business
  • Entrepreneur
  • Science
  • Health
  • Technology
  • Contact
  • World
  • U.S.
  • Education
  • Entertainment
  • Politics
  • Business
  • Entrepreneur
  • Science
  • Health
  • Technology
  • Contact

LEGAL

  • Contact Us
  • Terms and Conditions
  • Privacy Policy
  • Contact Us
  • Terms and Conditions
  • Privacy Policy

SUBSCRIBE:

SUBSCRIBE TODAY
© 2023 New York Weekly.
All Rights Reserved
  • Artist Weekly
  • Atlanta Wire
  • California Gazette
  • California Observer
  • CEO Weekly
  • Celebrity News
  • Chicago Journal
  • Coin Week
  • Economic Insider
  • Entertainment Monthly News
  • Entertainment Post
  • Famous Times
  • Influencer Daily
  • LA Wire
  • Market Daily
  • Meta Digest
  • Miami Wire
  • Music Observer
  • Net Worth
  • NY Weekly
  • NY Wire
  • Portland News
  • San Francisco Post
  • Texas Today
  • US Business News
  • US Insider
  • US Reporter
  • Voyage NY