More than half of American retailers didn't pay their rent in April and May, and it could upset the entire economy
Jun 4, 2020, 21:16 IST
- More than half of America's retailers didn't pay their rent in April and May as coronavirus closures decimated their revenues, according to data from real estate research firm Datex Property Solutions obtained by The Washington Post.
- Bed Bath & Beyond, Famous Footwear, H&M, and the Gap, AMC and Regal movie theaters, and 24 Hour Fitness gyms have all missed payments, jeopardizing the stability of their property management companies and municipal governments that rely on property taxes, The Post's Heather Long reported.
- Many retailers have asked for assistance from their landlords to no avail. For some businesses, even pinpointing who to ask can be difficult as the majority of commercial properties are owned by real estate investment trusts and investors in commercial mortgage-backed securities.
- Lawmakers passed legislation requiring landlords to agree to payment plans, but landlords told Long that they are also struggling.
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