I think a better analogy would be.. If you signed a lease for an apartment to live in and the landlord said you have to move out for 2 months to fix the roof because the govermnent has mandated special solar shingles, yet still wants those 2 months rent. Uhhh no.
Also in my town the mall has a large food retailer as one of the tenants. The mall is open because of the food shop, but all the clothes shops are closed. In this case its the government that is stopping the clothes shops from opening not the mall owner.
The GAP had major structural problems long before 2020. Analysts have covered this well for quite some time now. Like who the hell shops at Malls in the 21st Century?
Why does Everyone have this gigantic negative tone against malls. I never have and never will have that feel. Im not a shopaholic but I do like a mall every now and then.
In 2019, GAP foot traffic in their stores had dropped to the point that they were planning on closing 230 stores as outlined in calls to analysts.
As someone who has signed retail leases, in my past, there is a thing called Force Majeure. Depending on the location (state, country) it may or may not cover CV-19. "Get a lawyer".
Well when you sell bland clothing and have a ton of competition, then its their fault foot traffic was down. Gap is totally overpriced bland boring clothing anyways. This company made it big back in the day but styles don't stay the same forever.
That’s right. Look at Cheesecake Factory. They spent over $400M in cash in 2018/19 buying out a restaurant chain. Now they say they can’t pay rent on their stores
Fu$k it, let's just pay our rent, our mortgages, car payments and insurance, just don't pay anything. During a crisis they should just let everyone live for free. Right? Free handouts, free money, free food.