Gap's Shares Fall After the Company Announces Furloughs
Shares of Gap (NYSE: GPS) were lower on Tuesday after the company said that it will furlough most of its store employees in the U.S. and Canada, as it stores remain closed due to the coronavirus pandemic.
As of 3 p.m. EDT today, Gap's shares were down about 4.2% from Monday's closing price.
In a statement signed by CEO Sonia Syngal and the company's chairman, Bob Fisher, Gap said on Monday afternoon that it will furlough most of its store teams in the U.S and Canada -- over 80,000 employees in total. (It's likely that store teams in Europe and Mexico will soon follow.)
Source Fool.com
