The Simon Property Group, which owns and operates about 200 malls across the U.S, is suing Gap Inc., the parent company of Banana Republic, Old Navy and The Gap for failure to pay rent for the months of April, May, and June according to a report in The Real Deal. The suit alleges that Gap owes Simon over $60 million in unpaid rent on its 412 stores housed in Simon malls. The Gap, best known for its boring clothes and sensibly priced jeans, may soon become one of the punkest places to shop if it survives this lawsuit.
The Simon Property Group, which owns and operates about 200 malls across the U.S, is suing Gap Inc., the parent company of Banana Republic, Old Navy and The Gap for failure to pay rent for the months of April, May,. The suit alleges that Gap owes Simon over $60 million in unpaid rent on its 412 stores housed in Simon malls.
t, “Everyone will be watching for the first major court decision on whether the pandemic excuses the payment of rent.” I for one cannot wait to hear the argument from
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US mall giant sues Gap over unpaid rent during pandemic - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
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