Gap says current cash and credit lines may not be sufficient to fund operations

(Reuters) – Gap Inc said on Thursday its existing cash levels and credit facilities may not be sufficient to run its business and it would have to take additional measures such as job cuts and new debt financing within the next 12 months to boost its liquidity.

The apparel retailer said the coronavirus pandemic, which has led to store closures and employee furloughs, would have a “material adverse impact” on its business.

(Reporting by Aishwarya Venugopal in Bengaluru; Editing by Shailesh Kuber)