Gap Inc. which owns Banana Republic Lays Off 10% of Its Corporate Workforce

Gap Inc. is laying off at least 10 percent of its corporate employees, BoF has learned, as the apparel retailer scrambles to conserve enough cash to weather the economic crisis triggered by the coronavirus pandemic.
Multiple sources confirmed the layoffs, which were announced at a company-wide meeting last week. They said the cuts affect a number of different departments across the company’s portfolio, which includes Gap, Banana Republic, Old Navy, Athleta, Hill City, Intermix and the recently acquired kidswear brand Janie and Jack. Within the Gap brand, many members of the design and concept team were let go.