Gap sued by its landlord for allegedly not paying nearly $66 million in rent during the pandemic
Simon Property Group, the US's largest mall operator, filed a lawsuit against Gap Inc on Tuesday for allegedly not paying more than $65.9 million in rent and other charges. , which was first to report the news, the lawsuit stated that Gap Inc had failed to pay rent during the months of April, May, and June 2020. "The amounts due will continue to accrue each month, with interest," the lawsuits stated, according to The Real Deal.
This is a common issue in the retail sector at the moment. Landlords around the US are being squeezed by the crisis as retailers that were forced to close stores choose to shift the burden of expensive rents. In a call with investors after reporting its first-quarter earnings results in May, David Simon, CEO of Simon Property Group, to some of its tenants but did not specify which ones.
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