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Thursday, 07/02/2020 1:45:50 PM

Thursday, July 02, 2020 1:45:50 PM

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Gap Inc. (GPS), which also owns the Old Navy and Banana Republic brands, swung to a $932 million loss in the three months to May 2, a period when 90% of its more than 3,300 stores around the world were closed due to the coronavirus pandemic. Sales fell 43% to $2 billion.

As stores reopen, Gap is squabbling with landlords, including Simon Property Group, the country's largest mall owner, over unpaid rent. Even before the pandemic, the Gap brand had been closing stores and analysts expect it to shrink further.


@LaughinPaulRyan - WSJ, High Times, Main Street, Yahoo!



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