Men wearing face masks walk past a Gap store at a shopping area, as the country is hit by an outbreak of the new coronavirus, in Beijing, China February 7, 2020.

Gap warned on Thursday it may not have enough cash flow to sufficiently fund its operations as stores remain shut because of the coronavirus pandemic.

The apparel retailer said in a securities filing that it must take further actions to find liquidity over the next 12 months, such additional job cuts and new debt financing. It said other measures could include reducing receipts and orders for merchandise,and extending the terms for payment of goods and services.

It added that beginning this month, it stopped paying rent on its temporarily shuttered stores, which amounts to roughly $115 million in monthly expenses in North America.

Gap shares opened slightly higher after falling about 7% in premarket trading. Its stock has tumbled nearly 60% this year.

The retailer, which also operates Banana Republic, Old Navy and Athleta, said it is negotiating with landlords to either defer rent payments or agree on an abatement. It said it is also trying to modify the terms of its leases. In some instances, it said it will be terminating leases and permanently closing stores.

"If we are unable to renegotiate the leases and continue to suspend rent payments, the landlords under a majority of the leases for our stores in the United States could allege that we are in default under the leases and attempt to terminate our lease and accelerate our future rents due," Gap said.

"Although we believe that strong legal grounds exist to support our claim that we are not obligated to pay rent for the stores that have been closed ... there can be no assurance that such arguments will succeed."

The biggest mall owner in the U.S., Simon Property Group, has 412 Gap stores, including Banana Republic and Old Navy, at its malls. This makes Gap Simon's biggest in-line tenant at its malls in terms of rent.

Simon didn't immediately respond to CNBC's request for comment.