Apparel retail company The Gap, Inc. (GPS) is cutting off substantial jobs, reflecting the company’s troubled business conditions. The company is in the process of laying off roughly 500 corporate jobs, which accounts for about 5% of its 8,700 corporate employees. Softening demand and supply chain setbacks have hit the company’s retail footprint.
GPS has declined 64.6% over the past year and 52% year-to-date to close its last trading session at $8.47. It has declined 15.4% over the past month.
