Gap is the latest brand to put thousands of staffers on furlough as the coronavirus pandemic continues to decimate the retail industry.
The company, which also owns Old Navy and J.Crew, announced late Monday that it's furloughing the "majority of its store teams in the United States and Canada." That amounts to tens of thousands of people, according to the company.
Affected employees will still receive benefits. Gap's leadership team will also take pay cuts.
"After taking the extraordinary measures of temporarily closing all of our company-owned stores in North America and Europe two weeks ago, we are now in a position where we must take deeper actions," Gap CEO Sonia Syngal said in a press release.
Gap (GPS) shares are down nearly 60% for the year. Macy's (M) and Kohl's (KSS) both announced similar moves Monday.