Gap layoffs, on the record
Every job cut, severance charge and restructuring Gap reported in its annual reports, 2024 to 2026, quoted from the filings. Headcount went from approximately 85,000 to approximately 79,000.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2024 | approximately 85,000 | February 3, 2024 |
| 10-K for 2025 | approximately 82,000 | February 1, 2025 |
| 10-K for 2026 | approximately 79,000 | As of January 31, 2026 |
Job cuts, severance and restructuring
Our summaryManagement committed to a restructuring plan to simplify and optimize the operating model and structure, reducing the workforce by about 1,800 employees, mainly at headquarters.
Word for word“The Plan included a reduction in workforce of approximately 1,800 employees, primarily in headquarters locations.” 10-K for 2024
Our summaryThe workforce reduction under the restructuring plan was substantially completed.
Word for word“The actions associated with the reduction of the Company's workforce under the Plan were substantially completed in the first half of fiscal 2023 .” 10-K for 2024
Our summaryRestructuring costs of the Plan were recorded mostly in operating expenses, with the remainder in cost of goods sold and occupancy expenses.
Word for word“Fiscal 2023 ($ in millions) Cost of goods sold and occupancy expenses Operating expenses Total Costs Employee-related costs $ 4 $ 60 $ 64 Consulting and other associated costs — 29 29 Total restructuring costs $ 4 $ 89 $ 93 The following table summarizes restructuring costs that will be settled with cash payments and the related liability balances as of February 3, 2024, which are included in accrued expenses and other current liabilities on the Consolidated Balance Sheet: ($ in millions) Employee-Related Costs Consulting and Other Associated Costs Total Balance at January 28, 2023 $ — $ — $ — 53 Weeks Ended February 3, 2024 Provision 65 29 94 Adjustments ( 1 ) — ( 1 ) Cash payments ( 59 ) ( 29 ) ( 88 ) Balance at February 3, 2024 $ 5 $ — $ 5 The remaining liability balances are expected to settle with cash payments during fiscal 2024.” 10-K for 2024
Our summaryRemaining restructuring liability balances were expected to be settled with cash payments during fiscal 2024.
Word for word“The remaining liability balances are expected to settle with cash payments during fiscal 2024.” 10-K for 2024
Our summaryThe company restructured its operations by reducing open and existing corporate roles as part of efforts begun in 2022.
Word for word“In 2022, we began taking steps to drive long-term improvements across our business, which included reducing open and existing corporate roles, renegotiating our advertising agency contracts, reducing technology operating costs, and rationalizing digital investments.” 10-K for 2024
Our summaryThe filing reports restructuring expenses incurred in fiscal 2023 from actions taken to simplify and optimize the operating model and structure, which lowered operating expenses in fiscal 2024 compared with fiscal 2023.
Word for word“Operating expenses decreased $100 million, or 1.1 percentage points as a percentage of net sales during fiscal 2024 compared with fiscal 2023, primarily due to the following: • a decrease in advertising expenses of $102 million; • restructuring expenses of $89 million incurred during fiscal 2023 as a result of actions taken to simplify and optimize our operating model and structure; and • a decrease in payroll expenses related to our operating model and structure changes; partially offset by • an increase in performance-based compensation; and • a gain on sale of building of $47 million that occurred during the first quarter of fiscal 2023.” 10-K for 2025
| Fiscal year ended | Restructuring charges | Cash paid for restructuring |
|---|---|---|
| 2017-01-28 | $197 million | $116 million |
| 2020-02-01 | $61 million | — |
| 2021-01-30 | $0 | — |
| 2024-02-03 | $93 million | $88 million |
Gap filed 3 restructuring notices (Form 8-K, Item 2.05) since 2016. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from Gap’s annual reports (10-K for 2026, 10-K for 2025, 10-K for 2024) and the financial data it files with the SEC, as of 2026-03-17. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.