Gap suspends $115 million in North American rent payments, in talks to negotiate or terminate leases [MarketWatch]
Gap, Inc. (The) (GPS)
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Source: MarketWatch
Gap Inc. stock fell 3% in Thursday premarket trading after it said in a filing that it has suspended rent payments totaling $115 million in North America and says it is in talks to renegotiate or even terminate leases and close stores entirely. If the company is unable to change lease terms, it says it could be deemed to be in default. Gap has drawn down its full $500 million revolving credit facility and at the end of the fiscal quarter on May 2, expects to have $750 million to $850 million in cash, equivalents and short-term investments. Gap warns that it will have to take other measures to preserve and add to its liquidity, including canceling orders, cutting staff and expenditures further, and other steps. The ailing apparel company has furloughed the majority of its workers in the U.S. and Canada and cut corporate headcount. The company has cut capital expenditures by $300 million, withdrawn guidance for the full year, suspended stock repurchases and cut pay for the board and lea
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