Gap to axe around 1,800 jobs
Gap, Inc., a clothing and accessories retailer, in a filing with the Securities and Exchange Commission, said that it is axing upper field and headquarters workforce by around 1,800, to further simplify and optimize its operating model and structure.
Towards this, the company expects to incur about 100 million dollars (about 80 million pounds) to 120 million dollars of charges (about 96 million pounds).
The move to reduce the staff strength is expected to be substantially completed by the end of the first half.
The company's recent actions including the move to reduce the staff strength will result in an annualized pre-tax savings of around 300 million dollars (approximately 241 million pounds), of which approximately half is expected to be realized in 2023.(dpa)