Gap Inc said on Thursday it would cut about 1,800 jobs in a second round of layoffs, joining a set of big U.S. companies that are downsizing in earnest as high inflation eats into consumer wallets.
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Mass layoffs to rein in costs have swept across Corporate America over the past months - from tech giants such as Facebook-parent Meta Platforms Inc and Alphabet Inc to retailers such as Clorox Co. Consumers, especially at the lower- to mid-income rung, have curbed spending on non-essential items, impacting sales of apparel with all of Gap's four brands posting a fall in sales in the fourth quarter.
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