Tuesday, March 31, 2020

Fast-food Chains Give Franchises Rent Deferrals, Other Assistance

Globe St.
Fast-food chains have been offering franchise owners assistance with rent and other payments to survive the coronavirus crisis. The most recent is Restaurant Brands International, the parent company of some 3,700 Tim Hortons and Burger King locations in Canada and the US, is helping its franchises with cash payments and rent deferrals for a total of $70 million.

For approximately 3,700 eligible locations that are controlled by Restaurant Brands, the company has temporarily converted its rent structure from a combination of fixed plus variable rent to 100% variable rent. It has also deferred rent payments for up to 45 days.. . . more