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Gap did not pay $115M in rent this month

Reuters 04/23/2020

Gap Inc. reported in a securities filing that it stopped paying rent on stores it closed across North America in response to government stay-at-home and social distancing orders. The total expense for April comes to about $115 million. The retailer said it will need to take further action to cut costs and secure loans to give it the liquidity it will require to stay in business.

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