Gap says it's getting rid of some managers as sales slide. One retail expert likens the company to a 'lazy student' unwilling to deliver a 'better performance.'
The clothing retailer, which also owns Banana Republic and Old Navy, hasas shoppers switch to trendier or cheaper brands. On Thursday, it reported a net loss of $273 million for the last three months of 2022 after group sales fell 6%.
Gap, which is without a permanent CEO, estimated that it will save $300 million by"increasing spans of control and decreasing management layers." As part of these changes, the company said it will eliminate the role of chief growth officer. Gap also announced that the CEO of its athleticwear brand Athleta will leave immediately, while its chief people officer will step down at the end of the year. Both will be replaced, however.
Gap's decision to streamline its management structure echoes a trend in the wider corporate world, where companies are laying off workers regarded as an unnecessary expense.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
Tour gives insider look at one of Tucson's historic neighborhoodsEleven homes, gardens and studios will be featured in this year's Sam Hughes Home and Neighborhood Tour, including a Wildcat-themed house.
Les mer »
One dead, one injured in Oakland warehouse roof collapseA portion of a roof at an East Oakland warehouse collapsed early Friday killing one person and injuring another, authorities said.
Les mer »
Gap shakes up executive ranks and plans to cut management layers amid expectations for falling salesShares of Gap Inc. fell after hours on Thursday after the clothing retailer forecast falling sales and said it was cut executive and management position.
Les mer »
'Ring of fire': Two solar eclipses will cross paths with San Antonio over the next year, NASA saysTwo solar eclipses, one annular and one total, will be visible in San Antonio over the course of the next year and a month.
Les mer »
Analyzing Decentralized Ecological Credential Products Bridging the Web2 and Web3 Gap | HackerNoonWith the ongoing development of the Web3 industry, decentralized identity systems are becoming increasingly recognized and necessary. - by web3_platform web3 domains
Les mer »