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Kanye West Seeks to Cut Ties with Gap

The Gap logo is seen on the front of the company's store in Paris, France, July 1, 2021. REUTERS/Sarah Meyssonnier/File Photo
The Gap logo is seen on the front of the company's store in Paris, France, July 1, 2021. REUTERS/Sarah Meyssonnier/File Photo
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Kanye West Seeks to Cut Ties with Gap

The Gap logo is seen on the front of the company's store in Paris, France, July 1, 2021. REUTERS/Sarah Meyssonnier/File Photo
The Gap logo is seen on the front of the company's store in Paris, France, July 1, 2021. REUTERS/Sarah Meyssonnier/File Photo

Lawyers for Kanye West sent a letter to Gap Inc notifying the apparel chain that the rapper was terminating his partnership with the company, the Wall Street Journal reported on Thursday.

Gap breached its agreement with West by not opening retail outlets and releasing apparel as promised, according to the report, which added the company would still be able to sell existing Yeezy Gap products before ceasing to use the brand name.

Ties between the rapper and the clothing company have been increasingly strained recently, with West taking to social media to threaten to walk away from the brand earlier this month.

Gap did not immediately respond to a Reuters request for comment. But an attorney for West, who goes by Ye, told The Associated Press that a letter has been sent to the clothing chain seeking to terminate the contract between Gap and Yeezy.

Gap shares fell about 4% to $9 in premarket trading.

West and Gap signed a 10-year deal in 2020 to create a line of clothing under the Yeezy Gap brand.

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Fashion

Primark Boss Marchant Resigns after 'Error of Judgment'

A Primark store is seen on Oxford Street, in London, Britain, January 16, 2023. REUTERS/Peter Nicholls/File Photo
A Primark store is seen on Oxford Street, in London, Britain, January 16, 2023. REUTERS/Peter Nicholls/File Photo
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Primark Boss Marchant Resigns after 'Error of Judgment'

A Primark store is seen on Oxford Street, in London, Britain, January 16, 2023. REUTERS/Peter Nicholls/File Photo
A Primark store is seen on Oxford Street, in London, Britain, January 16, 2023. REUTERS/Peter Nicholls/File Photo

The head of fast fashion chain Primark, Paul Marchant, has resigned with immediate effect after he admitted an "error of judgment" towards a woman in a social environment.
Parent-company Associated British Foods said in a statement on Monday that Marchant had accepted his actions fell below the standards expected, and the head of the 14 billion pound conglomerate said he was "immensely disappointed".
Primark has over 450 stores in 17 countries across Europe and the United States, with Marchant growing operating profit from about 250 million pounds to over a billion pounds during his more than 15 years in charge, Reuters reported.
Primark, founded in Ireland and has a huge presence on British high streets, contributes about half of group profit to AB Foods, which also owns major grocery, sugar, agriculture and ingredients businesses.
Shares in the parent company were trading down 3.5% on Monday morning.
"I am immensely disappointed. At ABF, we believe that high standards of integrity are essential," said CEO George Weston.
"Acting responsibly is the only way to build and manage a business over the long term. Colleagues and others must be treated with respect and dignity. Our culture has to be, and is, bigger than any one individual."
The group said that Marchant had cooperated with an investigation led by external lawyers, and acknowledged his "error of judgment".
It said he had apologized to the individual concerned, the group's board and also to his Primark colleagues and others connected to the business.
Eoin Tonge, AB Foods' finance director, will act as Primark chief executive on an interim basis working with the senior Primark management team and Primark's Strategic Advisory Board, while Joana Edwards, AB Foods' financial controller, will act as interim finance director.
"It is, indeed, a very disappointing, to say the least, end for Mr. Marchant and all at Primark and ABF, where he has overseen the development of a fine value-based retailer with strong prospects for growth," said analysts at Shore Capital.
AB Foods said the group would continue to offer support to the individual who brought this behavior to its attention.