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Gap to make big capital spending cuts after disappointing quarter

San Francisco Business Times 06/04/2020

Gap Inc. reported a 43 percent drop in sales during the first quarter as the chain was faced to close stores due to the coronavirus pandemic. The retail chain operator’s CEO, Sonia Syngal, said Gap plans to cut its capital spending in half for the current fiscal year and that it was looking at its real estate with an eye toward “a smaller, healthier fleet.”

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