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VIRUS OUTBREAK

Landlords in peril as retail chains refuse to pay rent

The woes of troubled retailers will cause a ripple effect across Europe's real estate and banking sectors

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Associated British Foods, the owner of discount-fashion chain Primark, held back £33 million of rent on its British stores. After it closed all its shops across Europe and the US, Primark is missing out on £650 million of revenue a month. John Bason, ABF's finance director, said he and other company directors have taken a 50 per cent pay cut "

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"Since the crisis affects us all, everyone must pull together," says Helena Helmersson, CEO of H&M. Almost 4,000 of the company's 5,000 stores are closed.

London

THE coronavirus is turning Europe's retail apocalypse into a nightmare for landlords and lenders.

Government-imposed lockdowns have shut stores across the region, leading retailers such as H&M to stop paying the rent. The threat of a ripple effect across the continent's...

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