American men’s apparel company Untuckit has tapped real estate restructuring firm RCS Real Estate Advisors in order to get advise on how to evaluate its stores and leases with landlords amidst the falling economy due to coronavirus pandemic.
Untuckit started retailing men’s shirts online in 2011 and opened its first offline store 4 years later and is now present at more than 80 locations throughout the US and Canada.
Its physical stores are also present in high-end shopping malls such as Westfield Garden State Plaza in New Jersey and the Mall of America in Minnesota.
The development comes at a time when a number of retailers are trying to renegotiate deals with their landlords or are shutting stores entirely.
With no sales coming from any bricks-and-mortar stores, a number of retailers have not even paid rent.
One of the biggest commercial landlords in Manhattan, said that it collected only 53 per cent of April rents from its retail tenants, even as US mall owners have collected just around 10 to 25 per cent rents by mid-April.