Gap Plans Hundreds Of Corporate Job Cuts: Report

Retail chain Gap Inc GPS reportedly plans to slash hundreds of corporate jobs in its global workforce as a cost-cutting measure.
The move is expected to make the company more agile with less bureaucratic hurdles, the WSJ reported.
The latest job cut is expected to be bigger than the one in September, in which 500 corporate jobs were eliminated.
The executives of Gap, Old Navy, Banana Republic and Athleta have been reviewing plans to strip layers of management to speedup decision making.
“Our goal is to flatten the organization, increase spans of control to create more robust roles and individual empowerment, and decrease layers to remove bottlenecks and make better, faster decisions,” the report quoted a memo from Chairman and CEO Bob Martin.
The company plans to inform staff about prospective layoffs at its San Francisco headquarters this week.
Price Action: GPS shares closed lower by 6.36% at $9.43 on Tuesday.
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