Wednesday, January 22, 2020

US landlords grapple with thousands of store closures

Boston Business Journal
When Forever 21 was struggling to pay its bills last year, the cheap chic retailer’s landlord at Times Square in Manhattan was so determined to keep the store open that it slashed the rent, making the one concession building owners try to avoid.

As part of a deal with Forever 21 after the company filed for Chapter 11 bankruptcy protection, Vornado Realty Trust more than halved the $20m in annual rent it had been demanding for the celebrated site on Broadway and another prime space in Midtown.. . . more