Gap has announced it will be laying off an estimated 1,800 employees. The company layoffs are part of the effort to cut costs and streamline operations. The job cuts will be in the Gap’s headquarters locations along with upper field positions, or workers such as regional store leaders who hold leadership titles outside of a headquarters office.
Gap’s stock dropped almost 25% within a year. The clothing brand also reported a net loss of $273 million in a year.
