Omega Management logo

Business Highlights: Gap job cuts, COVID fraud


Gap slashes 500 corporate jobs in cost-cutting move

NEW YORK (AP) — Gap is slashing 500 corporate jobs in San Francisco and New York as it looks to reduce expenses amid languishing sales, a company spokesperson confirmed. The job cuts follow years of struggles at the San Francisco-based retailer, which operates stores under its namesake brand as well as Old Navy, Banana Republic and Athleta. But the pandemic as well as surging supply chain costs have exerted even more of a financial toll on the retailer. And last week, Gap and Kanye West ended their partnership to distribute the rap artist’s clothing line under the Yeezy name. As of Jan. 29, the company had a workforce of roughly 97,000 employees. About 9% of them, or 8,700, work at corporate sites.


Feds: 47 exploited pandemic to steal $250M from food program

MINNEAPOLIS (AP) — Federal authorities have charged 47 people in what they’re calling the largest fraud scheme…

Read more…