San Francisco – Locally based Gap Inc. recently announced it will shrink its workforce by as much as 700 jobs from its headquarters staff of 10,000. The U.S. No. 1chain said it also will hold back on its aggressive plans to open new stores. Gap now plans to expand its square footage by 10% rather than 15% as it tries to revive lagging profits and sales. The retailer also warned it would take a second-quarter, pre-tax charge of $10- to $20 million for the effort.