Gap cuts 500 corporate jobs

Layoffs are not the answer. It’s a short-term solution to a problem that is rooted in Gap Inc.’s go-to-market strategy. I've worked with retailers and brands for the last 20+ years and restructuring does not solve anything. An influx of cash - sure. But if brands and retailers keep working the same way, they will lose. Leadership, mindset, customer-centric product assortments and refocussing on meeting your customer where and how they want to shop is critical. Layoffs are not the answer. Gap Inc. needs to better understand how their customer has evolved and what is important to them. Leveraging insights & innovation will drive better product decisions and will translate to how and where they engage with their customer. My comments featured in RetailWire ?? https://lnkd.in/gtuKuFVT #retail #retailnews #gap #merchandising #stores

?? #jobnews "Gap Is Cutting 500 Corporate Jobs...Apparel retailer is laying off staff at its offices in San Francisco, New York and Asia" By Suzanne Kapner via The Wall Street Journal Here is why, and its business 101 ???? “We’ve let our operating costs increase at a faster rate than our sales, and in turn our profitability” If sales slow, then costs need to be controlled even more ?? Chris #gap #retail #retailjobs #salesgrowth #layoffs #business101 LINK ?? https://ow.ly/5jkh50KP0UG

Gap follows other retailers in cutting jobs. With inflation up, revenue is down and layoffs are not far behind. Conducting a RIF will require a 45 day consideration and 7 day revocation period for any federal age claim release. RIFs can result in class actions as the RIF must be non discriminatory and an adverse impact analysis should be performed. More RIFs likely to come. And retail won’t be the only industry.

In a bid to cut back on spending, Gap is eliminating 500 corporate positions across various departments in San Francisco, New York, and Asia. The company said some employees have already been notified of their termination. In July, CEO Sonia Syngal abruptly stepped down?from her position at the company after just 2 years on the job.

Doesn't sound good! Do they know something that they aren’t telling us???As you will see below, Walmart, Target and other major U.S. retailers are literally canceling billions of dollars in orders ahead of the coming holiday season.?I have never heard of such a thing happening before, and under normal conditions it wouldn’t make any sense at all.?The holiday season is typically the busiest time of the year for retailers, and at this time in 2021 there was actually a great deal of concern that there wouldn’t be enough inventory due to global supply chain problems.?But now everything has changed.?All of a sudden major retailers are feverishly canceling orders, and this would only make sense if a severe economic downturn was imminent. https://lnkd.in/gShFgZFH #inventory #economy #downturn #globalsupplychain

I chatted with CNN about Gap's decision to lay off 500 corporate employees as its challenges mount https://lnkd.in/gBrMMsHA

In a bid to cut back on spending, Gap is eliminating 500 corporate positions across various departments in San Francisco, New York, and Asia. The company said some employees have already been notified of their termination. In July, CEO Sonia Syngal abruptly stepped down?from her position at the company after just 2 years on the job.

Another #retailer, GAP $GPS, this time, lays off people. As with ones like Best Buy $BBY, does this reflect mistakes in the C-suite? Like with BBY, did they lay off strategic #supplychain people? https://lnkd.in/euNWwvyH

Only two remaining economic pillars that Joe, Janet and Jerome point to and claim 'sturdy and sound economy.' 1. Consumer spending. Yet increasingly the source is savings and credit cards. 2. Employment. If you've been paying attention, companies are in fact planning RIF's, and almost every day another company announces a reduction. https://lnkd.in/dDs-DBeS