Frasers Groups has made it clear to its landlords that it will not be making rent payments until it is able to freely trade as a business.
The British fashion retailer, reportedly, said the aim is to reach a state which both the retailer and its landlords had hoped at the time of signing lease terms.
The Group condemned the landlords for failing to make necessary provision of ending rental obligations especially when the retailers were struggling to survive the pandemic crisis.
Back in March, when the coronavirus was spreading fast all across Europe, Frasers Group had met landlords and seeked 50 per cent waivers on its rents. It had then said that these would still apply for March and September quarterly dates.
Meanwhile, Frasers Group has asked its landlords to switch its rent payment cycles from quarterly to monthly so as to help in cash flow.
It’s been tough times in England for fashion retailers even after stores have reopened as people are still wary of going out and shopping. Even last Saturday (4 July), despite Government easing lockdown restrictions, sales weren’t impressive.
Set up in 1982, Frasers Group is United Kingdom’s largest sports goods retailer with more than 650 stores across the world. It generates revenue of £3,701.9 million.