Kanye West’s Yeezy says it’s terminating deal with Gap over alleged contract violations

Kanye West and daughter North West attends the “Yeezy Season 8” show as part of the Paris Fashion Week Womenswear Fall/Winter 2020/2021 on March 02, 2020 in Paris, France.

According to a letter shared by his lawyer, the contract between his company and Gap is ending.

According to the letter shared with CNBC, the move comes after Gap failed to meet its obligations in the agreement, including distributing Yeezy products in its stores.

Nicholas Gravante, a lawyer for Ye, told CNBC that Ye gave the company a contractually-designated 30 days to cure its transgressions. Gap didn't take action on the concerns, according to him.

CNBC reached out to GAP. The company was terminated Thursday, according to Gravante.

Gap's noncompliance with the agreement has been costly, and thatYe will now promptly move forward to make up for lost time by opening retail stores.

In June 2020 it was announced that the partnership between Gap and Yeezus was going to last through 2026. The company would get royalties and equity based on sales. As a result of certain sales targets being met, Gap will distribute 8.5 million shares.

The first product in the line, a blue puffer jacket, sold out in a matter of hours. The products in Gap's Times Square store were the result of a separate contract between Gap and two other designers.

The partnership could bring in $1 billion in sales in its first year according to Wells Fargo. Gap slashed its financial outlook in August due to sagging sales. Since its CEO left in July the company has been looking for a new leader.

Ye has aired his grievances with his business partners. The rapper, producer and designer made his squabbles with Adidas well-known in a slew ofInstagram posts attacking the company's board, and in an interview withBloomberg said it was "time for me to go it alone."

I was able to make the companies money. I got money from the companies. We came up with ideas that will change clothing. The slides have changed the shoe industry. The time has come for Ye to start a new industry. He said that no more companies stood in between him and the audience.

On his 2004 College Dropout album, Ye referred to his time working in a Gap store as he wrote the lyrics to his song "Spaceship". The two companies had been in contact about a possible deal.

Gap's shares were down 4% before the market opened.