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Gap Sued For Back Rent On Midtown Store As Retail Sales Plummet
By
Sophia Chang
Published May 7, 2020
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By
Sophia Chang
Published May 7, 2020
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Gap has been sued for more than half a million dollars in nonpayment of rent for one of its stores on 6th Avenue in midtown.
According to a lawsuit filed Monday in Manhattan federal court by landlord 48th Americas LLC, the company did not pay April or May rent for its store at 1212 Avenue of the Americas, as the coronavirus pandemic swept New York and non-essential retail stores were ordered shut by Governor Andrew Cuomo.
48th Americas says Gap owes them $530,334: April and May rent at $264,190 monthly, two months of water bills totaling $1,171, and snow removal charges of $783. The landlord is also asking for $20,000 in attorney fees. The location houses a Gap, babyGap, GapKids, and GapBody.
Gap’s corporate office did not immediately respond to a request for comment Thursday.
On Wednesday the apparel giant announced plans to reopen up to 800 stores, starting with some of its locations in Texas: “As Gap Inc. prepares to re-open up to 800 of our Old Navy, Athleta, Gap, Banana Republic, Janie and Jack and Intermix stores before the end of the month, starting with a small selection of locations in Texas this weekend, our top priority remains the health and safety of our employees, customers and communities,” the company said in a press release posted on its website.
The coronavirus pandemic and stay-at-home policies are worsening a grim outlook for brick-and-mortar retail.
"Store-based retail was already struggling with internet consumption trends before coronavirus, and now will be faced with accelerated demand shifts to the internet," said analyst Randal Konik in a CNN article.
Crains New York Business reports that traffic at clothing stores nationwide has plummeted “99% year-over-year in the latest week.”
J. Crew also announced Monday it was filing for Chapter 11 bankruptcy protection, and on Thursday luxury department store Neiman Marcus followed suit.
As a flagship retail anchor for Hudson Yards, the Neiman Marcus bankruptcy could cause “a domino effect of departures or lease renegotiations” there, trade magazine Bisnow speculates, because some other retailers at Hudson Yards "have clauses in their own leases that give them the option to renegotiate or leave if Neiman packs up."
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retail
Gap Inc
coronavirus
Sophia Chang
Sophia Chang is a former WNYC and Gothamist reporter.
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Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
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