Mumbai, 27/4: Gap Inc said on Thursday it would reduce its workforce by about 1,800 employees, joining various other US companies in announcing layoffs as worries of an economic recession in the United States continue to grow.
The Banana Republic parent said it expects to take on about $100 million to $120 million in aggregate pre-tax costs – consisting of about $75 million to $85 million in employee-related expenses – as a result of the workforce reduction expected to be completed by the end of the first half of fiscal 2023.
In September, Gap eliminated about 500 corporate workers across a range of departments. The roles were mainly based at its offices in San Francisco, New York and in Asia.