Gap Inc. Provides Update in Response to COVID-19 Outbreak
Gap, Inc. (The) (GPS)
Last gap, inc. (the) earnings: 3/12 04:15 pm
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Source: Business Wire
SAN FRANCISCO--(BUSINESS WIRE)--Gap Inc. (NYSE: GPS) today announced a number of precautionary actions to strengthen financial flexibility in response to the rapidly evolving impact of the COVID-19 pandemic.“We entered 2020 in a strong financial position. However, in this time of unprecedented disruption to the retail sector, we are proactively taking the prudent actions to further strengthen our financial liquidity and flexibility,” said Gap Inc. President and CEO, Sonia Syngal. “We are fortunate to have a senior team of deeply experienced retail leaders who are fully dedicated to managing our response through this challenging moment in time, while continuing to build toward the future.”To strengthen the balance sheet the company is taking the following actions:drawing down the entire $500 million on its revolving credit facility;deferring the record and payment dates for the company’s previously announced first quarter fiscal year 2020 dividend, and suspending the company’s regu
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