- Gap Inc (NYSE:GPS) looks to slash about 500 corporate jobs in order to cut expenses.
- The jobs are mainly at Gap’s main offices in San Francisco and New York as well as in Asia, the WSJ reported, citing people familiar with the matter.
- Also Read: Kanye West’s Yeezy Cuts Ties With Gap: What You Need To Know
- “We’ve let our operating costs increase at a faster rate than our sales, and in turn, our profitability,” the report quoted interim CEO Bob Martin in a memo to employees.
- The company has been struggling with a slump in sales, especially in its Old Navy brand, which accounts for the majority of the company’s sales.
- The job cut follows similar moves by other retailers, including Walmart Inc (NYSE:WMT), Abercrombie & Fitch Co (NYSE:ANF), and Bed Bath & Beyond Inc (NASDAQ:BBBY), as rising inflation changes spending patterns.
- Also, Gap issued a statement on the launch of The Athleta Look, a unique styling formula, and a corresponding eight-piece performance-based capsule collection.
- Price Action: GPS shares are trading lower by 3.68% at $9.17 on the last check Tuesday.
- Photo Via Company
Tesla, AT&T, AMD, Nvidia, Candel Therapeutics: Why These 5 Stocks Are Seeing High Attention Today
Major U.S. indices closed in the red on Thursday as investors continued to digest higher Treasury yields as well as key earnings. The yield in the benchmark U.S. 10-year Treasuries topped 4.239%, a level unseen since 2008. Benzinga dives into five stocks that are seeing high interest among retail investors today, as the U.S.
