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Gap Balks at $115M in Rent Payments as Q1 Cash Dries Up

COVID-19 recovery is on the horizon but the pandemic's impact on sustainability, retail, product development and consumer buying patterns means the denim industry must evolve. Join Rivet on April 20th at 11 am ET for the COVID, One Year Later roundtable.

Facing as much as a 55 percent plunge in Q1 cash and cash equivalents, Gap is putting off $115 million in rent payments, the company warned Thursday. In a regulatory filing Thursday with the Securities and Exchange Commission, Gap warned that with the coronavirus pandemic keeping stores closed, it might not have sufficient reserves to…

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