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Candidate Labs Places 125th Hire and Achieves Profitability, Growing 30% Month over Month
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Rent crisis: single biggest issue facing bars
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Nintendo Direct: Will Breath of the Wild 2 Be at the Presentation?
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Thirteen years ago, Lehman Brothers almost killed Canary Wharf. When the financial giant collapsed at the height of the financial crisis, it was a major blow to the area. The US bank, which had signed a 30-year lease for over a million square feet in a 33-storey tower, vacated the building on September 15, 2008 after filing for bankruptcy protection in New York.
At the macro level the impact was huge. The building’s owner – the Canary Wharf Group, which owns and develops most of the Canary Wharf Estate – was left massively out of pocket, finally receiving a $350 million settlement from Lehman’s liquidators in 2014. At the micro level the overnight loss of 4,000 big-money employees had an immediate impact on the local economy too. “The champagne bars closed down and were replaced by chain restaurants,” recalls Jon Massey, the editor of local lifestyle publication
Ministers are drawing up plans to extend the lease forfeiture moratorium beyond the end of March.
The Times reports that both the business department and the Ministry of Housing, Communities and Local Government (MHCLG) have been talking to the property, retail and hospitality sectors over how best to extend the moratorium, which prevents landlords from repossessing commercial premises if businesses are unable to pay their rent as a result of the Coronavirus pandemic.
By the end of March, when the moratorium is currently due to expire, it is understood that close to £3bn in unsettled rent will have accumulated within hospitality as a result of the Covid crisis.