• Gap said Thursday that it will lay off 1,800 employees as it seeks to rein in costs and streamline operations.
• The cuts, which will affect workers at the company’s headquarters and upper field workforce, are part of a restructuring plan that will help the company save millions in operating costs, according to a filing with the Securities and Exchange Commission (SEC).
• In March, the company, whose portfolio includes Old Navy, Gap, Banana Republic, and Athleta brands, announced it was taking several actions to “simplify and optimize its operating model and structure,” including decreasing management layers and creating a more consistent organizational structure across it brands, according to the filing.

Tagged: Economy