Gap Inc. has lost its appeal.
A New York City court rejected an appeal filed by The Gap Inc. and Old Navy LLC that would have allowed them to terminate long-term leases at flagship stores in Times Square due to their claims of being unable to operate them successfully during the COVID-19 pandemic.
Lawyers representing the retailers argued that the drastic decline in business they suffered at locations in one of the world’s most highly trafficked locations qualified them for the so-called Yellowstone Injunction, which prevents a landlord from evicting a tenant for a breach of the lease like nonpayment of rent.
Source: Chain Store Age
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