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.
Shares of the Banana Republic parent rose about 2% in early trade. As of Jan. 28, the apparel chain had about 95,000 employees, according to a regulatory filing. 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.
Gap Inc. said on Thursday it would cut about 1,800 jobs in a second round of layoffs in the last 12 months, joining a set of big U.S. companies that are downsizing in earnest as high inflation eats into consumer wallets.