Photo: Alex Millauer/Shutterstock.com The Gap, Real Estate Owners Deadlocked in $66M Row Over Closed Stores' Rent
Retailers have asked that—because they did not know when entering into their leases that their stores would be forced to close—those leases be terminated and reformed.
July 24, 2020 at 04:10 PM
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With stores closed for months, The Gap Inc. and its affiliated brands are pushing back on a real estate company's claims they owe $65.9 million in rent.
The Gap, Athleta LLC, Banana Republic LLC, Intermix HoldCo LLC, Janie and Jack LLC and Old Navy LLC, which are based in San Francisco, filed a complaint in the Delaware Court of Chancery on Thursday asking the court to find that the unforeseen effects of the COVID-19 pandemic negated the terms of 457 store leases in nearly 200 malls across 37 states and Puerto Rico.
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