Gap says running out of money as stores remain shut due to coronavirus

U.S. clothing retailer Gap Inc said on Thursday its existing cash and the cash it expects to bring in might not be enough for its operations, as its stores remain temporarily shut due to the coronavirus pandemic.

In a securities filing, the apparel company said it needs to take further actions to find liquidity over the coming 12 months, such as additional job cuts and new debt financing.

Gap added that beginning this month, it stopped paying rent on its temporarily closed stores, which amounts to nearly $115 million in monthly expenses in North America.