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Gap Reportedly Plans To Eliminate 500 Corporate Jobs

Gap Inc. (GPS) plans to eliminate 500 corporate jobs as the Specialty apparel company struggles with declining sales and profit, according to several reports.

The job cuts will mostly impact the retailer's main offices in San Fransisco, New York, and Asia, the reports said.

The Wall Street Journal was the first to report Tuesday on the job cuts.

Gap said in August that it was taking actions to sequentially reduce inventory, rebalance assortments to better meet changing consumer needs, aggressively manage and reevaluate investments, and fortifying balance sheet. The company had cut or deferred some capital spending and reduced the number of Old Navy new stores slated for the back half of the year.

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