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
Mon, Apr 06, 2020 - 5:50 AM
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 "
"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.
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...