(The Hill) – Gap, Inc. announced on Thursday that it plans to cut about 1,800 jobs, joining the growing list of major U.S. companies engaging in corporate layoffs.

The company said in a filing with the U.S. Securities and Exchange Commission (SEC) that it plans to lay off employees from its “headquarters and upper field workforce,” as part of a “restructuring plan” expected to result in about $300 million in annualized savings.

“We are taking the necessary actions to reshape Gap Inc. for the future — simplifying and optimizing our operating model, elevating creativity, and driving better delivery in every dimension of the customer experience,” executive chairman and interim CEO Bob Martin said in a statement, according to the Associated Press.

Gap had about 95,000 employees as of late January, of which approximately 9% worked at its headquarters locations, the company said in its latest annual report.

The retail giant — which is also the parent company of Old Navy, Banana Republic, Athleta, and Intermix stores — joins a slew of other businesses who have announced layoffs in recent months.

Lyft confirmed on Thursday that it would cut more than 1,000 jobs, after previously slashing about 13% of its workforce in November.

The tech industry has been hit particularly hard by layoffs, with Amazon, Meta, Alphabet and Microsoft all announcing thousands of job cuts.