Gap first initiated job cuts in September when it announced that it would be laying off 500 workers, mostly in corporate positions. The company is now looking to streamline its operation further, with the new job cuts set to affect workers at headquarters locations, upper field positions, and employees working in leadership positions in regional stores. According to a regulatory filing from earlier this year, Gap has around 95,000 employees.

In a statement shared with CNCB, Gap’s interim CEO Bob Martin said that the company plans to save more than $300 million as a result of job costs. It also hopes to “release untapped potential” across the company’s brands, flatten the organizational structure, and make the entire operation more efficient.

“We are taking the necessary actions to reshape Gap Inc. for the future – simplifying and optimizing our operating model, elevating creativity, and driving better delivery in every dimension of the customer experience,” Martin shared in the statement.

Gap has been dealing with plummeting sales in recent periods. It recorded $4.24 billion in sales in three months that ended with January, representing a 6% decline from the same period in 2022. It also had net losses in two of the previous three years. While seeing a slight positive movement after the layoffs announcement, the company’s stock remains 17.03% down year-to-date.

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“I am thankful to have the board’s support in stepping down, ushering in a new opportunity for a fresh perspective and rejuvenated leadership to carry Gap Inc. forward,” said Syngal in a company-released statement.

The news about Syngal’s exit has resulted in a notable hit on the company’s shares. Gap stock (GPS) lost close to five percent of its value on Tuesday and dipped to $8.32 from $8.76 on Monday. It closed at $8.31 in extended trading. GPS has now lost more than half of its value in 2022.

Sonia Syngal took over as CEO of Gap back in early 2020 after a successful stint with the company’s Old Navy brand. Syngal was dealt a tough hand as the pandemic kicked in shortly after she took the job, but she managed to navigate the unusual circumstances impressively. It turned out that the real challenge was life after the pandemic.

Gap failed to adjust to the changing market while the supply chain issues also played a part in the company’s struggles. It ended the first quarter of 2022 with $162 million in losses, compared to a $166 million profit in 2021. As a result, the company decided it was time for another change. It remains to be seen whether they make it right this time. 

The post Gap Inc Stock Dips Amid CEO Change appeared first on theprimarymarket.com.

Gap first initiated job cuts in September when it announced that it would be laying off 500 workers, mostly in corporate positions. The company is now looking to streamline its operation further, with the new job cuts set to affect workers at headquarters locations, upper field positions, and employees working in leadership positions in regional stores. According to a regulatory filing from earlier this year, Gap has around 95,000 employees.

In a statement shared with CNCB, Gap’s interim CEO Bob Martin said that the company plans to save more than $300 million as a result of job costs. It also hopes to “release untapped potential” across the company’s brands, flatten the organizational structure, and make the entire operation more efficient.

“We are taking the necessary actions to reshape Gap Inc. for the future – simplifying and optimizing our operating model, elevating creativity, and driving better delivery in every dimension of the customer experience,” Martin shared in the statement.

Gap has been dealing with plummeting sales in recent periods. It recorded $4.24 billion in sales in three months that ended with January, representing a 6% decline from the same period in 2022. It also had net losses in two of the previous three years. While seeing a slight positive movement after the layoffs announcement, the company’s stock remains 17.03% down year-to-date.

The post Gap Inc. to Lay Off 1,800 Workers as Part of Cost-Cutting Efforts appeared first on theprimarymarket.com.

“I am thankful to have the board’s support in stepping down, ushering in a new opportunity for a fresh perspective and rejuvenated leadership to carry Gap Inc. forward,” said Syngal in a company-released statement.

The news about Syngal’s exit has resulted in a notable hit on the company’s shares. Gap stock (GPS) lost close to five percent of its value on Tuesday and dipped to $8.32 from $8.76 on Monday. It closed at $8.31 in extended trading. GPS has now lost more than half of its value in 2022.

Sonia Syngal took over as CEO of Gap back in early 2020 after a successful stint with the company’s Old Navy brand. Syngal was dealt a tough hand as the pandemic kicked in shortly after she took the job, but she managed to navigate the unusual circumstances impressively. It turned out that the real challenge was life after the pandemic.

Gap failed to adjust to the changing market while the supply chain issues also played a part in the company’s struggles. It ended the first quarter of 2022 with $162 million in losses, compared to a $166 million profit in 2021. As a result, the company decided it was time for another change. It remains to be seen whether they make it right this time. 

The post Gap Inc Stock Dips Amid CEO Change appeared first on theprimarymarket.com.