Gap warned it may not survive the next 12 months intact and would need to borrow more funds in the face of widespread shutdowns that have crippled the business of clothing retailers globally
) warned on Thursday it may not survive the next 12 months intact and would need to borrow more funds in the face of widespread coronavirus shutdowns that have crippled the business of clothing retailers globally.
Luxury retailer Neiman Marcus is preparing to seek bankruptcy protection as soon as this week, Reuters reported on Sunday, while other department store operators are battling to avoid the same fate. The retailer, which owns Banana Republic and Old Navy, said it expects to have $750-$850 million of cash and cash equivalents, inclusive of short-term investments, at the end of the fiscal quarter ending May 2.
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