Interim CEO Bob Martin said the layoffs will lead to $300 million in annualized savings.
“We are taking the necessary actions to reshape Gap Inc. for the future – simplifying and optimizing our operating model, elevating creativity, and driving better delivery in every dimension of the customer experience,"said Martin in a prepared statement.
As of January 28, The Gap Inc. employed roughly 95,000 employees, about 9% worked in headquarters locations, according to its annual report.
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