Advertisement
Canada markets close in 15 minutes
  • S&P/TSX

    21,833.63
    +278.77 (+1.29%)
     
  • S&P 500

    5,461.10
    -3.52 (-0.06%)
     
  • DOW

    39,462.82
    +312.49 (+0.80%)
     
  • CAD/USD

    0.7325
    +0.0021 (+0.29%)
     
  • CRUDE OIL

    81.66
    +0.93 (+1.15%)
     
  • Bitcoin CAD

    81,697.98
    -5,790.86 (-6.62%)
     
  • CMC Crypto 200

    1,242.42
    -67.30 (-5.14%)
     
  • GOLD FUTURES

    2,345.00
    +13.80 (+0.59%)
     
  • RUSSELL 2000

    2,038.40
    +16.37 (+0.81%)
     
  • 10-Yr Bond

    4.2480
    -0.0090 (-0.21%)
     
  • NASDAQ

    17,554.35
    -135.01 (-0.76%)
     
  • VOLATILITY

    13.27
    +0.07 (+0.53%)
     
  • FTSE

    8,281.55
    +43.83 (+0.53%)
     
  • NIKKEI 225

    38,804.65
    +208.18 (+0.54%)
     
  • CAD/EUR

    0.6820
    -0.0006 (-0.09%)
     

Gap to cut hundreds of jobs in new round of layoffs - WSJ

A sign hangs outside a GAP clothing retail store in Manhattan, New York

(Reuters) -Apparel retailer Gap Inc is eliminating hundreds of jobs from its global workforce, the Wall Street Journal reported on Tuesday, citing people familiar with the situation.

The company joins a growing number of American firms, including tech giant Facebook-parent Meta Platforms Inc and consumer companies Clorox Co and Wayfair Inc, to downsize its workforce amid mounting worries of a recession in the United States.

The current round of job cuts at Gap is expected to be larger than the roughly 500 corporate roles it eliminated in September, the report added.

Gap declined to comment on the report.

ADVERTISEMENT

The company began notifying the employees it planned to lay off in its international sourcing division on April 18, the report said, adding that it plans to inform staff about prospective layoffs at its San Francisco headquarters this week.

As of Jan. 28, 2023, the company had a workforce of about 95,000 employees, according to a regulatory filing.

(Reporting by Granth Vanaik in Bengaluru; Editing by Subhranshu Sahu)