Gap says may not have enough money to run operations [Toronto Globe and Mail (Ontario, Canada)]
Gap, Inc. (The) (GPS)
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Source: Toronto Globe and Mail
Gap says may not have enough money to run operations A closed Gap store is pictured in Times Square following the outbreak of Coronavirus disease in the Manhattan borough of New York City on March 23, 2020. Carlo Allegri/Reuters A closed Gap store is pictured in Times Square following the outbreak of Coronavirus disease in the Manhattan borough of New York City on March 23, 2020. Gap Inc warned on Thursday it may not have enough funds to run its operations in the next 12 months as it weathers the impact of the coronavirus pandemic, and said it would need to cut costs and raise money by issuing debt. The apparel retailer, which like many others in the industry has closed its stores and furloughed employees, said it had also suspended rent payments of about $115 million per month in North America. The company said it was in talks with landlords to defer payments, change lease agreements or in some cases terminate the leases and permanently close some of the stores. Gap said it expect
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