Gap stops paying rent amid coronavirus, says stores may permanently close

Gap said on Thursday its existing cash fund may not be enough to sustain operations as the coronavirus pandemiccontinues to financially impact both the company and retail industry as a whole.The clothing company said in an SEC filing it has indefinitely suspended rent payments, which come to about $115 million per month in North America, and that some stores may permanently close.There are 28 Gap stores in New Jerseyand 1,700 worldwide, according to the company’s website. All of Gap’s U.S. stores have been temporarily closed since March 19 due to the pandemic.“We are currently negotiating with...


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