Gap stops paying rents, warns it might not have enough cash for operations [MSNBC.com]
Gap, Inc. (The) (GPS)
Last gap, inc. (the) earnings: 3/12 04:15 pm
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Source: MSNBC.com
Gapthe coronavirus pandemicThe apparel retailer said in a securities filing that it must take further actions to find liquidity over the next 12 months, such additional job cuts and new debt financing. It said other measures could include reducing receipts and orders for merchandise,and extending the terms for payment of goods and services.It added that beginning this month, it stopped paying rent on its temporarily shuttered stores, which amounts to roughly $115 million in monthly expenses in North America.Gap shares opened slightly higher after falling about 7% in premarket trading. Its stock has tumbled nearly 60% this year.The retailer, which also operates Banana Republic, Old Navy and Athleta, said it is negotiating with landlords to either defer rent payments or agree on an abatement. It said it is also trying to modify the terms of its leases. In some instances, it said it will be terminating leases and permanently closing stores."If we are unable to renegotiate the leases and
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