Gap eliminates 500 corporate jobs as sales fall

As the global clothing brand, GAP struggles with the ongoing weak financial performance, the brand has decided to eliminate roughly 500 jobs.

According to reports, these jobs cover a variety of departments and are mostly located at Gap’s offices in San Francisco and New York and Asia.

News of the layoffs comes a few months after the Gap reported weak first-quarter earnings, with sales sliding at its flagship brand and its more popular Old Navy chain.

The shares of the San Francisco-based company are down more than 40% so far this year.

As the company struggles to get sales back on track, Gap is also still looking for a new leader after CEO Sonia Syngal abruptly stepped down in July after about two years on the job.

News of the layoffs comes a few months after the Gap reported weak first quarter earnings, with sales sliding at its flagship brand and its more popular Old Navy chain.