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Gap Inc. to streamline headquarters staffing; revise growth for 2002-2003

San Francisco – Locally based Gap Inc. recently announced plans to streamline headquarters staffing and improve organizational efficiencies. The company is reviewing approximately 10,000 headquarters positions worldwide. The goal is to reduce headquarters positions by 5% to 7% from year-end fiscal 2000 levels, compared to original fiscal 2001 plans to grow staffing by 3% to 4%.

Cuts will be achieved through a combination of attrition, elimination of open positions and layoffs, primarily at the company's Bay Area headquarters. The actual number of layoffs will not be known until plans are finalized in the next four to six weeks.

The company also announced that it is revising planned annual square footage growth for 2002 and 2003 to approximately 10%, compared to a previously stated rate of approximately 15%.

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