Gap to Cut Hundreds of Corporate Jobs in New Layoff Round

Gap Inc. is starting a new round of corporate job cuts, according to an internal memo reviewed by Bloomberg, as it struggles to turn around performance without a permanent chief executive officer.

Meant to trim management layers and speed up decision making, the reduction will be larger than the 500 corporate positions Gap eliminated in September, the Wall Street Journal reported earlier Tuesday. The company expects to save about $300 million in annual expenses as part of a broader restructuring plan, interim CEO Bob Martin has said.

Cuts are occurring in three phases, beginning with the international sourcing division this ...