Gap said it expects to take on about $100-million to $120-million in aggregate pre-tax costs as a result of the work force reduction expected to be completed by the end of the first half of fiscal 2023
said on Thursday it would reduce its work force by about 1,800 employees, joining various other U.S. 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 work force 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. In March, Gap posted a bigger-than-expected fourth-quarter loss and forecast 2023 sales below estimates, on weakening demand for its apparel and as it battles outdated inventory at its Old Navy brand.As of January 28, 2023, the apparel chain had a work force of about 95,000 employees, according to a regulatory filing.
Facebook-parent Meta Platforms Inc, Alphabet Inc and retailers like Clorox Co and Wayfair Inc have all announced work force reduction to rein in costs in anticipation of a global economic downturn.Your Globe
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