Mar 25, 2020

UK high street chains refuse to pay rent

Fashion chain Primark is among the UK businesses refusing to pay quarterly rent due on Wednesday and has asked landlords for help weathering the downturn caused by the coronavirus pandemic. John Bason, finance director of parent company Associated British Foods, said the company needed to "Align the rent payments with the extraordinary circumstances we have at the moment". In common with many businesses in the industry, it said it needed to conserve cash to pay staff on Friday rather than pay the quarterly rent bill. Debenhams, the department store group, has asked for a five-month rent holiday. New Look, a fashion chain with 480 stores in the UK, on Tuesday asked for a three-month rent holiday.

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