Gap Inc. said Thursday that its existing cash and the cash it expects to bring in might not be enough to sufficiently fund its operations, as its stores remain temporarily shut because of the coronavirus pandemic.
Gap said it must take further actions to find liquidity over the next 12 months, such as additional job cuts and new debt financing.
The company said it did not pay rent on its stores in April, which amounts to roughly $115 million in monthly expenses in North America. Men wearing face masks walk past a Gap store at a shopping area, as the country is hit by an outbreak of the new coronavirus, in Beijing, China February 7, 2020.
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