(The Hill) - Gap, Inc. announced on Thursday that it plans to cut about 1,800 jobs, joining the growing list of major U.S. companies engaging in corporate layoffs.
The company said in a filing with the U.S. Securities and Exchange Commission (SEC) that it plans to lay off employees from its “headquarters and upper field workforce,” as part of a “restructuring plan” expected to result in about $300 million in annualized savings.
“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," executive chairman and interim CEO Bob Martin said in a statement, according to the Associated Press.
Gap had about 95,000 employees as of late January, of which approximately nine percent worked at its headquarters locations, the company said in its latest annual report.
The retail giant — which is also the parent company of Old Navy, Banana Republic, Athleta, and Intermix stores — joins a slew of other businesses who have announced layoffs in recent months. Lyft confirmed on Thursday that it would cut more than 1,000 jobs, after previously slashing about 13 percent of its workforce in November.
The tech industry has been hit particularly hard by layoffs, with Amazon, Meta, Alphabet and Microsoft all announcing thousands of job cuts.
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