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›Covid infects lease pacts: Retailers say they will pay rent only in proportion to actual business in case of lockdowns
Covid infects lease pacts: Retailers say they will pay rent only in proportion to actual business in case of lockdowns
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Covid infects lease pacts: Retailers say they will pay rent only in proportion to actual business in case of lockdownsBy
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Synopsis
Amid last year’s nationwide lockdown and this year’s local lockdowns, retailers and restaurants have taken a massive hit, facing closure of outlets, huge losses and retrenchments.
PTI
Top retailers and restaurant chains such as Reliance Retail, Madura Fashion & Lifestyle, Domino’s, Plum by Bent Chair, Mamagoto, Farzi Cafe, Lee, Wrangler and Cafe Warehouse among others, are insisting on introducing clauses in all new leases that stipulate that they will not pay rent, or pay only in proportion to their actual business, in the event of government mandated closures of stores and malls.
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