On Thursday, Gap Inc (GPS.N) said that is would begin a second round of layoffs, cutting roughly 1800 jobs, as the company joined the list of big businesses downsizing in the face of a slowing economy and consumers who are seeing their pocketbooks sapped by inflation.

Shares of parent company Banana Republic rose roughly 2% on the news in early trading.

Gap cut about 500 corporate jobs in September, across a range of departments, as it fought to shield margins amid weakening sales. According to a regulatory filing, the company had about 95,000 employees as of January 28th.

Over the past months, Corporate America has seen mass layoffs sweep throughout the business environment as companies sought to cut costs, from major tech companies like Facebook-parent Meta Platforms Inc (META.O) and Alphabet Inc (GOOGL.O) to retailers such as Clorox Co (CLX.N).

Gap noted it is expecting to assume roughly $100 million to $120 million in aggregate pre-tax costs, with about $75 million to $85 million of that in employee-related expenses, as a result of these cutbacks. It expects to complete the reduction by the end of the first half of fiscal year 2023.

Gap had posted a larger than expected fourth quarter loss in March, and had forecasted that sales in 2023 would fall below estimates, slowed down by falling demand for its clothing and issues related to outdated inventory at the Old Navy brand.

As consumers, especially in the lower to middle-income level have curtailed spending on non-essential items, sales of apparel have been hit hard, with all of Gap’s four different brands seeing sales fall in the fourth quarter.

Currently the company is transitioning between CEOs, with outgoing CEO Sonia Syngal having stepped down last year, and the company presently led by Executive Bob Martin on an interim basis.