GPS - The Gap to cut hundreds of corporate roles - report

2023-04-25 11:44:34 ET

The Gap ( NYSE: GPS ) is joining the trend of corporate layoffs in 2023, according to the Wall Street Journal.

Citing people familiar with the matter, the outlet indicated that the retailer is eliminating hundreds of white collar roles at the company amid a restructuring. The company previously trimmed 500 corporate roles in September 2022 , though the latest round of layoffs is said to impact a greater number of employees.

Initial notifications were mailed on April 18 to employees in the international sourcing division, according to the outlet . Further pink slips are expected to land on desks at the San Francisco headquarters this week, with final notifications landing in the finance department by the close of May.

Shares of The Gap ( GPS ) slipped 5.2% during Tuesday’s trading.

Read more on the risk of a dividend cut for the company .

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