Clothing company lays off 1,800 employees

GAP, which includes the Old Navy, Banana Republic and Athleta brands, announced that it plans new actions to optimize its operating model in order to improve the product and customer experience.

In this context, GAP announced its restructuring plan, which includes a reduction of approximately 1,800 employees.

GAP interim CEO Bob Martin said in a statement that they expect the layoffs to result in annual savings of $300 million.

“NECESSARY MEASURES WILL BE TAKEN”

Martin said they will take the necessary steps to restructure GAP by simplifying and streamlining the company’s business model, increasing creativity and delivering better delivery across all aspects of the customer experience.

GAP laid off approximately 500 employees in various departments in September 2022.

The company announced an above-expected loss in the last quarter of 2022 and reported that its 2023 sales were also below its forecasts.

DROPBOX FIRES 16 PERCENT OF ITS EMPLOYEES

Cloud storage service provider Dropbox also announced that it will lay off 500 employees, about 16 percent of its employees.

In his message, the company’s CEO, Drew Houston, stated that the obstacles caused by the recent economic downturn are putting pressure on its customers and businesses, noting that previously profitable investments are no longer sustainable. (AA)