Gap to cut 500 jobs as sales fall

Gap confirmed it would cut about 500 jobs.

(Reuters file photo)

[Financial Channel/Comprehensive Report] Gap confirmed that it will cut about 500 jobs and cancel positions currently open for recruitment in some departments as sales and profits continue to decline.

The "Wall Street Journal" reported that Gap's layoffs are mainly in offices in San Francisco, New York, and Asia, involving various departments.

Gap lost US$49 million (about NT$1.5 billion) last quarter.

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According to Gap's annual report, as of January 29 this year, Gap had about 97,000 employees, most of whom were hourly workers in stores.

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