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.
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9 comments:
Clowns in congress and WH rather pull 2 trillion and divy it up with their friends than fix the problem. With the fed moves, they could have demanded a simple free on residential and commercial mortgage collections. Then tie that to a freeze in rent/lease collection. Give workers unemployment benefit boost and a temp tax holiday for those who are working. That would ha e got us through the1 next 21 months and onto a booming economy in no time for less than half what they are spending, most of which goes directly to the people.
If they can do it, then WE ALL can do it too !!! WHoooo
You all better get ready for a deep recession or depression from this. Look at the labor report from this am. The impact of this shutdown is only starting to pulse thru the economy. Its gonna get bad.
Prepare for a severe recession or possibly an economic depression.
This will separate TRUE conservatives with bank.....from working folks that are basically Democrats. Your buying into pandering ideas and moralistic high road notions with little to back it and ending up on the bail out teet doesn't really amount to much despite your inclusive flag waving notions
Will have to join the military for a secure pay check !!!!
Thabk you 634 for pointing out the clear hypocrisy of so many on this board
Agree 100%
And it is a criminal shame!
And you fools dont believe me !! We have allowed Luciferians to be in control.. they have worn trump down they are evil vile scum
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