Friday, November 15, 2019

How Prevalent are Rent Renegotiations for Ailing Retailers?

Fast-fashion retail giant Forever 21 will keep open 60 of its U.S. stores that previously were slated to be shuttered after the company filed for bankruptcy in September. That’s thanks to the struggling retailer securing rent cuts from its largest landlords, according to Bloomberg.

In September, Forever 21 said it would close up to 178 U.S. stores as part of its restructuring, as well as shutter most of its European and Asian locations. Now with the rent reductions, the retailer is looking at closing roughly 111 U.S. stores.. . . more