GAP INC (GAP): restructuring charge — Gap announces restructuring plan to cut 1,800 jobs with $100-120M costs, $300M annual savings

GAP INC

Workforce reduction of ~1,800 employees, primarily headquarters and upper field staff.
Estimated pre-tax costs: $100M-$120M (employee-related $75-$85M, consulting/other $25-$35M).
Annualized pre-tax savings expected ~$300M; ~$150M in 2023.
Actions expected substantially complete by end of H1 fiscal 2023.
Company previously flagged these actions in March 9, 2023 press release.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

GAP INC announced a restructuring with charges of approximately $100 million to $120 million (approximately 1,800 employees).

Type: restructuring
Charge: approximately $100 million to $120 million
Headcount: approximately 1,800 employees

Exact text from the filing

that includes a reduction of the Company's headquarters and upper field workforce by approximately 1,800 employees. The Company estimates that it will incur approximately $100 million to $120 million in aggregate pre-tax costs in connection with the Plan, which consists of approximately $75 million to $85 million in employee-related costs and $25 million to

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GAP INC filing history →

Source: SEC EDGAR

accession 0000039911-23-000026

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