Friday, March 27, 2020

Gap pulls forecast, suspends dividend, taps $500 million credit as coronavirus bites

Gap Inc on Thursday withdrew its full-year forecast issued just two weeks ago, suspended its dividend and said it will draw down on its entire $500 million credit facility as the apparel retailer looks to weather the coronavirus crisis.

The disruptions caused by the health crisis mark the latest headache for newly named Chief Executive Officer Sonia Syngal as she tries to revive demand for its apparel in a competitive market plagued by slowing footfall in malls.. . . more