Textile

Gap agrees to pay for cancelled orders

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SAN FRANCISCO – Fashion brand Gap Inc has become the latest to commit to paying its suppliers in full for orders it cancelled because of the coronavirus pandemic that were already completed or in production.

“Gap Inc will work collaboratively with its vendors to compensate them in full for finished goods and goods in production that were cancelled or subject to pack and hold,” the company said in a statement.

“While we have extended payment terms on certain orders, in the immediate term we are providing low cost financing to our vendor partners, and are working with our banking partners to increase the amount of funds available within the programme as we move forward.”

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