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 would want to tap the debt marketplace, minimize jobs, defer capital expenses and minimize again on orders from vendors.
Shares of the company have been down approximately three% in early investing.