Gap stops paying rent due to shutdown orders


Gap says it has stopped paying rent.

The retail chain says it stopped paying in April and warned it might not have enough cash for operations.

Like many other retailers, Gap had to close its physical stores to comply with shutdown orders.

Gap says it’s trying to negotiate with landlords on deferments or reductions, but says it may need to make more job cuts over the next 12 months to stay afloat.

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