JD Sports withholds quarterly rent amid negotiations with landlords

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JD Sports withholds quarterly rent amid negotiations with landlords
// JD Sports the latest retailer to not pay its quarterly rent amid coronavirus crisis
// It also issued a warning that the crisis will have “significant impact” on its financial outlook
// JD Sports is currently in discussions with landlords over the next rents due in June

JD Sports has become the latest retailer to not pay its quarterly rent across its store estate amid warnings that the coronavirus crisis will have “significant impact” on its outlook.

A spokesperson from the FTSE 100 retailer confirmed that the rent for its 390 UK and Ireland stores was due last week, and that discussions with landlords about the next rents due in June were currently underway.

JD Sports’ store estate and high street fascias across Europe and in the US have all temporarily shut down due to lockdown measures from the coronavirus pandemic.


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However, in an update to investors, JD Sports warned the shutdown would have a “significant impact” on its financial outlook despite continuing to trade from its ecommerce site.

The news comes after similar refusals to pay rents on closed stores taken by many other retailers including Primark, Arcadia and Kingfisher.

Meanwhile rent holidays are being sought from the likes of Debenhams, Superdry, New Look and Footasylum.

Last week shopping centre giant Intu said it had received just 29 per cent of rents due this month while rival Hammerson received 37 per cent of UK rent billed for the second quarter.

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