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Simon Property Group sues Gap

Simon Property Group is suing Gap for its “failure to pay more than $65.9 million in rent and other charges due.” The lawsuit alleges that the retailer is in contractual default “for failure to pay rent for April, May, and June 2020… The amounts due will continue to accrue each month, with interest.”

  • Dig Deeper: The biggest U.S. mall owner notably has 412 Gap stores, including Banana Republic and Old Navy, at its malls and outlet centers. This makes the retailer Simon’s biggest in-line tenant at its properties in terms of rent, according to CNBC.
  • Worth Noting: It’s unclear how long Gap plans to continue its nonpayment policy, as the company said last month that it would reopen in 800 locations by the end of May, The Real Deal noted. [TRD+CNBC]

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