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134
Fashion Jobs
NIKE
Lead Product Management – ed&a, Icc, India
Permanent · Bengaluru
NIKE
India Sports Marketing Manager
Permanent · Bengaluru
NIKE
Senior Dynamic Application Security Tester – Cis, Icc, India
Permanent · Bengaluru
PUMA
Senior Manager - Golf Sales (Cpg-Cobra Puma Golf)
Permanent · Bengaluru
PUMA
Manager - Accounts Payable
Permanent · Bengaluru
PUMA
Senior Manager – Teamsport Sales
Permanent · Bengaluru
NIKE
Lead Technical Product Manager – p&m, Icc, India
Permanent · Bengaluru
PUMA
Manager – Customer Reconciliation And Accounts
Permanent · Bengaluru
PUMA
Manager – Warehouse Operations (Ecommerce)
Permanent · Gurugram
NIKE
Lead Product Manager, India – ed&a Icc
Permanent · Bengaluru
PVH
Manager, Business Solutions
Permanent · Bengaluru
NIKE
Senior Product Manager - Enterprise Service Management (Esm), India – Tech Ops Icc
Permanent · Bengaluru
NIKE
Identity And Access Management (Iam) Security Operations Engineer, India – Cis Icc
Permanent · Bengaluru
NIKE
Expert Security Incident Coordinator, India – Cis Icc
Permanent · Bengaluru
NIKE
Senior Security Engineer, India – Cis Icc
Permanent · Bengaluru
NIKE
Director of Engineering , Retail Commerce – Consumer Marketplace, Icc, India
Permanent · Bengaluru
BROADCAST THE COMPANY
Digital Marketing Internship
Internship · MUMBAI
NIKE
Senior Software Engineer Iii – Retail Commerce Pos, India - Consumer & Marketplace Icc
Permanent · Bengaluru
NIKE
Senior Software Engineer ii – Retail Commerce Pos, India - Consumer & Marketplace Icc
Permanent · Bengaluru
SHAYA BY CARATLANE
Merchandiser & Planner
Internship · MUMBAI
NIKE
Senior Software Engineer Iii, India – Marketing Technology Icc
Permanent · Bengaluru
SS HOMME - SARAH & SANDEEP
Marketing And PR Intern
Internship · MUMBAI
By
Reuters API
Published
Apr 23, 2020
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Gap warns of cash shortage, suspends rent payments

By
Reuters API
Published
Apr 23, 2020

Gap Inc warned on Thursday it may not survive the next 12 months intact and would need to borrow more funds in the face of widespread coronavirus shutdowns that have crippled the business of clothing retailers globally.


Reuters/ Carlo Allegri



The apparel retailer also said it had suspended rent payments for shuttered stores, and was in talks with landlords to defer payments, change lease agreements, or in some cases terminate the leases and permanently close some stores.

Gap said the suspended rents in North America would have amounted to about $115 million per month.

Brick-and-mortar retail chains are facing an unprecedented sales downturn as the coronavirus shutdowns drag on, forcing them to cut costs and tap credit lines to stay afloat.

Luxury retailer Neiman Marcus is preparing to seek bankruptcy protection as soon as this week, Reuters reported on Sunday, while other department store operators are battling to avoid the same fate.

Like many in corporate America, Gap has already withdrawn its full-year targets, suspended dividend, furloughed employees and drawn down its existing credit lines.

The retailer, which owns Banana Republic and Old Navy, said it expects to have $750-$850 million of cash and cash equivalents, inclusive of short-term investments, at the end of the fiscal quarter ending May 2.

In order to have sufficient liquidity for the next 12 months, the company said it would need to tap the debt market, cut jobs, defer capital expenditures and cut back on orders from vendors.

“There are no comparable recent events that provide guidance as to the effect the spread of COVID-19 as a global pandemic may have ... and the steps we may need to take to address those impacts, are highly uncertain,” Gap said.

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