Gap warns of cash shortage, suspends rent payments [Toronto Globe and Mail (Ontario, Canada)]
Gap, Inc. (The) (GPS)
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Source: Toronto Globe and Mail
Gap warns of cash shortage, suspends rent payments 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 survive the next 12 months intact and would need to borrow more funds in the face of widespread coronavirus shutdowns that have crippled the business of clothing retailers globally. The apparel retailer also said it had suspended rent payments for shuttered stores, and was in talks with landlords to defer payments, change lease agreements, or in some cases terminate the leases and permanently close some stores. Gap said the suspended rents in North America would have amounted to about $115 million per month. Brick-and-mortar retail chains are facing an unprecedented sal
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