TCO - Urban Outfitters Says It Won't Pay Rent During COVID-19 Pandemic
In the midst of the COVID-19 outbreak, as retailers close their doors to slow the spread of the novel coronavirus, making rent is becoming an issue.
Last week, The Cheesecake Factory pled for "help" and "understanding" from landlords, saying that without revenue coming in, it couldn't pay its rent. Mall owner Taubman Centers (NYSE: TCO) is preemptively telling its lessees that, coronavirus or no coronavirus, they must "meet their lease obligations." Now, one retail chain is coming out and saying it: They won't pay rent, period. Not for the time, being, at least.
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