Coronavirus: Footasylum joins list of retailers requesting rent holidays

1356
Footasylum rent holiday coronavirus covid-19
Several retailers including Primark, New Look and Frasers Group have sought for rent-free periods due to the pandemic
// Footasylum becomes latest retailer to request for rent holiday to mitigate financial impact of coronavirus
// The retailer asked for three-months rent holiday for the third quarter

Footasylum has reportedly called on its landlords for a three-month rent holiday for the third quarter from June 25 to alleviate the financial impact of the coronavirus crisis.

The footwear retailer which is currently in the midst of being taken over by rival JD Sports in a £90 million deal, requested the rent holiday after the pandemic affected trading, Drapers reported.

Footasylum’s next quarterly rent payments were due on March 25.


READ MORE:


It became the latest retailer to request for a rent holiday after several retailers including Primark, New Look and Frasers Group have sought for rent-free periods due to the pandemic.

Many retailers have withheld rent payments after the government recently ordered all non-essential stores to shut to minimise the risk of Covid-19 transmission.

Shopping centre owner Intu last week it had received less than one-third of UK quarterly rents it was due.

The landlord previously announced that it will cut service charge for its tenants by 22 per cent in the second half of 2020.

The government has also said it will protect commercial tenants from eviction for being unable to pay their rental instalments over the coming three months.

However, the protection does not apply to the June quarter for which Footasylum has requested the rent holiday for.

Click here to sign up to Retail Gazette‘s free daily email newsletter

LEAVE A REPLY

Please enter your comment!
Please enter your name here