Mar 26, 2020

πŸ“‰ ~ 47,000 Stores Shutter Across The US As Virtually All Retailers Stop Paying Rent ~ | Blogger: [πŸ€‘CORONARICH: The Hunger Games Society Strikes Back? The Rich Get Richer And The Poor Get Poorer - Even In Midst of COVID-19 Outbreak - What Else Is New?πŸ˜’] ... {Senate approves historic $2 trillion stimulus deal amid growing coronavirus fears, but why are DNC congress holding back? Is the world's Coronavirus Relief enough to save us from the debt society and it's $253 trillion. The $1.4 QUADRILLION and 144 trillion Dollars of value of the derivative market?} ... πŸ€” THINK ABOUT THIS -- what would happen if I / we just stopped paying rent to the landlord or property tax to the State? We will get fined, placed into RKI register (or any other bad debt register) and eventually, go to PRISON... But not the "Retailers" - they can just STOP, paying rent, to their landlords... Example: In Denmark, we have ONE of the world's wealthiest men, Anders Holch Povlsen, CEO of Bestseller who is ALSO refusing to pay rent (200 stores) of his fashion group billionaire empire. From wholesale to 1,500 external customers around the globe and sales through approx. 2,500 own stores in 38 countries.... |

Source (ZeroHedge)

Even before the coronavirus pandemic ground the US economy to a halt, the US brick and mortar retail sector was facing an apocalypse of epic proportions with dozens of retailers filing for bankruptcy in recent years as Amazon stole everyone's market share...

... resulting in tens of thousands of stores across the nation shuttering.

So what has taken place in the retail sector in just the past few weeks is straight out of the the 9th circle of hell.

With cash flows dwindling, and their survival in question every day, the total collapse in revenue has meant that firms such as (recently reorganized) Mattress Firm and Subway are among some of the major U.S. retail and restaurant chains telling landlords they will withhold or slash rent in the coming months after closing stores to slow the coronavirus, Bloomberg reports citing sources.

Aware that one way (out of bankruptcy) or another (in bankruptcy), they will end up renegtiating their leases, retail chains are proactively calling for rent reductions through lease amendments and other measures starting in April.(READ MORE)

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