Gap losses spiral due to effects of coronavirus store closures
Clothing retailer Gap has reported losses of nearly $1bn due to store closures in the US and internationally during the coronavirus pandemic.
The business reported that it was $932m (£740m) in the red for the three-month period to May 2020, compared with a $227m profit for the same period in 2019.
The announcement came as the embattled retailer wrote off the value of goods it holds by more than a quarter of a billion dollars, according to the BBC.
Net sales for the period also fell 43%, which led chief executive Sonia Syngal to blame the “material declines” on store closures as a result of the virus, but she noted that online demand for the brand was improving.
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