Gap closing flagship store on San Francisco's Market Street / hasn't paid rent for 2,785 stores

[Demovictory9]

https://www.sfgate.com/bayarea/article/Gap-closing-flagship-San-Francisco-Market-Street-15492883.php

Gap Inc. announced this week it is closing the flagship location at 890 Market Street and its store in the Embarcadero Center this month.



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An SEC filing posted in April revealed Gap stopped paying rent for its 2,785 North American retail stores for the duration of government-mandated closures, an expense totaling some $155 million.

The failure to pay led to a handful of legal standoffs between Gap and its landlords. Major retail landlord Simon Property Group LP., filed a lawsuit against the Gap this month, stating the retailer is "taking opportunistic advantage" of the COVID-19 pandemic, according to the San Francisco Business Times.

In late March, the company announced that it was furloughing the majority of its store employees in the United States and Canada, "pausing pay but continuing to offer applicable benefits until stores are able to reopen."

To further cut expenses, the company said in April that it would "reduce head count across its corporate functions around the world" and reduce pay for its leadership team and members of its board of directors.

Gap didn't share the number of jobs lost with the S.F. store closures but said, "as with any store closure, we are encouraging employees to find opportunities at other locations within our family of brands."

[MissB]

1. They own old navy too

And maybe banana republic?

[SoCalNative]

2. Yes, they also own Banana Republic eom