Gap Inc. , which owns the Gap, Banana Republic and Old Navy retail chains, and Ascena Retail Group Inc. , which operates Ann Taylor and other stores,...
Gap Inc. GPS, -4.75%, which owns the Gap, Banana Republic and Old Navy retail chains, and Ascena Retail Group Inc.
which operates Ann Taylor and other stores, announced plans Monday to furlough employees amid the spread of COVID-19. Gap announced that it would"furlough the majority of its store teams in the United States and Canada, pausing pay but continuing to offer applicable benefits until stores are able to reopen," along with laying off corporate workers and cutting executive salaries. Gap previously announced that stores would be closed till April 1, but extended that indefinitely Monday.
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