Coronavius leads Gap to pay employees who can't work
Sprint, T-Mobile revise merger terms; Gap makes major changes
FOX Business Briefs: T-Mobile and Sprint have agreed on new terms for their deal after overcoming a federal court challenge; Gap joins forces with ThredUp, a popular resales platform, in an effort to boost sales.
Gap, which also owns Old Navy and Banana Republic, will continue to pay store employees who are diagnosed with the coronavirus. The company will also continue to pay employees if any stores have to be shut down for a period of time.
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"If any employee is diagnosed with the Coronavirus, we will continue to pay the employee. Additionally, as consistent with our past polices, if we need to close a location for any period of time, we will continue to pay employees," Old Navy said in a statement.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GPS | GAP | 10.07 | -0.90 | -8.20% |
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On Thursday, Gap also announced its 2019 fourth-quarter earnings, which spurred an initial jump of more than 5 percent in after-hours trading.
"We began to see stabilization in our business in the fourth quarter, driven primarily by improvement in Old Navy's performance," interim CEO Bob Fisher said in a statement.
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The company went on to add that "it is not currently possible" to know the severity of the impact the coronavirus will have on its business in 2020. It did, however, state that it expects to at the very least take a sales hit of $100 million.
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