Jun 5, 2020
Retailer Gap posts near-£1bn loss due to coronavirus
Clothing retailer Gap has reported a loss close to $1bn due to store closures because of the coronavirus pandemic. Separately, Gap is is being sued by America's largest shopping mall operator for refusing to pay rent for stores temporarily closed during the coronavirus pandemic. Simon Property Group said in a lawsuit filed this week that the clothing retailer owes three months of rent, totalling $65.9m. Gap has more than 390 stores at Indianapolis-based Simon's malls, including its namesake brand, Old Navy and Banana Republic. Large retailers, including Gap and sports shoe seller Foot Locker, have said they wouldn't pay rent for stores that were forced to close due to the pandemic. Gap did not directly mention the lawsuit during Thursday's earnings conference call but chief financial officer Katrina O'Connell said "We're just knee-deep in landlords today."
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