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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. (https://on.wsj.com/3eUovP9)
Gap did not immediately respond to a Reuters request for comment, while representatives for West could not be immediately reached.
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.
