Kanye West moves to formally terminate relationship with The Gap - WSJ

Sep. 15, 2022 9:15 AM ETThe Gap, Inc. (GPS)ADDYYBy: Kevin P. Curran, SA News Editor5 Comments

Kanye West Yeezy Season 2 - Runway

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Days after indicating he was “done” with both Adidas (OTCQX:ADDYY) and The Gap (NYSE:GPS), Kanye West has formally notified the latter of a partnership termination.

Per a letter from West’s lawyers, viewed by The Wall Street Journal, an alleged breach of an agreement to release Yeezy apparel and open new stores is the cause of the immediate termination. The rapper and producer’s agreement with the brand was originally slated to carry through to 2030. Gap (GPS) will still be able to sell existing Yeezy inventories, the letter reportedly states.

Similar disagreements with Adidas (OTCQX:ADDYY) recently aroused suspicions that West will likewise terminate an agreement with the German sportswear giant slated to run through 2026.

Gap (GPS) shares fell 3.64% shortly after the story of Kanye’s planned departure hit newswires.

Dig into Wall Street ratings on The Gap.

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