Gap says may not have enough money to run operations

Gap Inc warned on Thursday it might not have adequate money to operate its functions in the upcoming twelve months as it weathers the effect of the coronavirus pandemic, and said it would want to minimize fees and increase dollars by issuing debt.

The apparel retailer, which like numerous others in the industry has closed its shops and furloughed employees, said it experienced also suspended lease payments of about $115 million for every month in North The usa.

The company said it was in talks with landlords to defer payments, transform lease agreements or in some conditions terminate the leases and completely near some of the shops.

Gap said it expects to have $750-$850 million of dollars and dollars equivalents inclusive of limited-term investments at the conclude of the fiscal quarter ending May well two.

In get to have sufficient liquidity for the upcoming twelve months, the company said it

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