San Francisco-based clothing retailer Gap plans to lay off hundreds of employees as part of a company-wide restructuring that would “flatten the organization” and “improve the quality and speed of decision-making, starting with our leadership team,” interim CEO Bob Martin said on the brand’s latest earnings call.
It is not yet clear how many employees will be laid off and which offices will reduce their workforce. People working in Gap’s international sourcing division were notified of the layoffs on April 18, and the company plans to notify employees of potential layoffs at its San Francisco office later this week, the Wall Street Journal reported. for the first time. On the earnings call, Martin said the job cuts are expected to save the company about $300 million a year, “about half of which is expected to be realized in fiscal year 2023.” . When contacted by SFGATE, a Gap spokesperson declined to comment on the matter.