Take 20% rent or nothing, clothing retailers tell landlords
Take-it-or-leave-it offer as tenants demand sharing of the economic pain of the lockdown
14 April 2020 - 20:21
The big five clothing retailers have issued a take-it-or-leave-it offer to pay 20% rent for April plus utility bills, a headache for shopping mall owners as companies across the country scramble for cash to withstand the Covid-19 outbreak.
The clothing retailers — TFG, Pepkor, Truworths, Woolworths and Mr Price — said special government regulations, gazetted last month as part of measures to contain the economic fallout of the lockdown, allowing a tenant to breach a contract to protect its viability means they can legally pay no rent...
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