Kanye West's threat to walk away from his fashion company's fledgling partnership with the Gap has sent shares sharply lower
Gap's stock fell nearly 6% Monday following West's comments he made at a public event Sunday. Videos taken at the event show the rapper criticizing Gap and Adidas, another apparel company his Yeezy brand partnered with. West noted he was not on either company's board."That has to change today or I walk away," he said.Gap and Adidas didn't immediately respond to CNN Business' request for comment.
The stock has lost half of those gains since then. The Yeezy deal could give Gap a much-needed financial and creative boost. Gap has been struggling: Sales plunged 43% in the quarter that ended May 2, but online sales for May were double what they were a year ago. Gap also didn't pay rent in April because of the temporary closures. It said cash-saving measures taken during the quarter left it with $1 billion in cash on hand as of May 2, a bit more than it had a year ago.
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