Per Reuters

Gap is one of the latest big companies that have announced its decision to start its round of layoffs. The apparel company has started laying off hundreds of positions from its global workforce.

Per a report by the WSJ, the next round of layoffs is expected to be larger than the previous round in September, when it axed around 500 corporate roles. On April 18, the company started laying off its employees from its international sourcing division.

The report also noted that this week, it would be informing staff regarding its prospective layoffs at its headquarters in San Francisco. The company's regulatory filing revealed it had a 95,000 workforce on January 28, 2023.

Per CNN, the job cuts involved a mix of layoffs and open roles, with it being reported that during that time, Gap had 8,700 corporate employees. During that time, GlobalData Neil Saunders gave a statement regarding the layoffs.

Saunders: "With the division suffering from supply chain issues and softening demand from the family segment, the whole company is very exposed and needs to take tougher actions to appease investors and present better numbers over the second half of the year,”

Recently, Stellantis also announced that it would eliminate 3,500 hourly jobs ahead of a United Auto Workers contract expiration, which was set to take place on September 14. The company said that it would lay off 2,000 jobs in Italy.

Per the union, workers were given two types of incentive packages, with staff hired before 2007 getting $50,000 and employees with at least a year of seniority receiving a lump sum.

Deloitte said that it would let go of 1,200 US workers as some of its competitors, KPMG and EY, said that they would do the same. KPMG said it would let go of 2% of its US workforce, while EY said it would let go of 5% of its US workforce.

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