- Gap (NYSE:GPS) will draw down its entire $500M revolving credit facility, reduce capex by $300M in FY20, and review all operating expenses for opportunities to reduce spending.
- The company is also deferring the record and payment dates for the Q1 dividend.
- Gap will suspend the regular quarterly cash dividend for the remainder of the year.
- The retailer is pulling its FY20 guidance due to the coronavirus uncertainty.