Gap to cut jobs for nearly 500 companies as sales fall

A pedestrian walks in front of a Gap Inc. store in Shanghai, China.

Shen Qilai | Bloomberg | Bloomberg | Getty Images

Gap, a clothing retailer, is cutting about 500 jobs at the company as it struggles with declining sales.

The job cuts, including open positions, will mostly take place at Gap’s offices in San Francisco, New York and Asia, and affect various divisions, a retailer official confirmed Tuesday. Journal first reported.

Kane exits gap deal due to lack of obligation follow-through

The San Francisco-based company has experienced a number of setbacks, including product assortment issues for the Old Navy brand, which accounted for more than half of the company’s sales in fiscal 2021.

And last week, Kanye West, who goes by the name Ye, said he was ending his partnership with Yeezy and Gap. Ye said he didn’t create it for the first time.

Ye told CNBC that he is unhappy with the progress made in partnering with Yeezy to launch a physical Yeezy store. Gap later confirmed the hiatus, but said it plans to continue processing the Yeezy product pipeline.

Kanye West talks about termination of contract with Gap

Source link

Leave a Comment

Your email address will not be published. Required fields are marked *