By Jordan Valinsky, CNN BusinessRoughly 500 corporate jobs are being eliminated at the Gap, adding to the problems that the beleaguered retailer is currently facing. The Wall Street Journal, which first reported the news, said the layoffs started in recent days and amount to roughly 5% of the Gap’s 8,700 corporate employees. He added that Old Navy is no longer as strong as it had been in boosting the Gap’s bottom line. “Traditionally, Gap could rely on its Old Navy banner to cover some of the sluggishness in other parts of the business. Gap confirmed that it was winding down the partnership in an internal company email that was seen by CNN Business.

Source: CNN September 20, 2022 19:05 UTC