Simon Property Group sues Gap over $66M in unpaid rent
Gap blamed the 'profound effect' of the coronavirus pandemic
One of the country's biggest mall operators, Simon Property Group, is suing Gap Inc. over nearly $66 million in unpaid rent and other charges, The Real Deal first reported.
The Gap owes rent for April, May and June, the suit filed in Delaware state court says, according to The Real Deal.
GAP INC. REOPENING STORES WITH CORONAVIRUS SAFETY MEASURES
The Gap blamed the "profound effect" of the coronavirus pandemic for its decision to suspend rent payments in a statement to FOX Business.
Masked people walk past a boarded up Old Navy clothing store on Wednesday, May 27, 2020, in San Francisco. (AP Photo/Ben Margot)
"We remain committed to working directly with our landlords on mutually agreeable solutions and fair rent terms, just as our hundreds of industry and government partners have sat with us in good faith to shape the post COVID business landscape," The Gap's statement reads.
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The Gap began reopening stores in May. Its brands include Old Navy, Banana Republic, Athleta and, of course, Gap.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GPS | GAP INC. | 21.43 | +0.33 | +1.54% |
FOX Business' inquiry to Simon Property Group was not returned at the time of publication.