Mall Owners Worried Over Mortgage Payments As Retailers Skip Rent
Retailers are worried about paying rent because of the damage from the coronavirus pandemic. And that has mall owners increasingly worried about meeting their own obligations. Mall of America- and American Dream-owner Triple Five Group has said it is concerned about some of its tenants not paying rent, which is going to hinder its ability to make mortgage payments. With thousands of retail and restaurant doors shut, not bringing in sales, many business owners are not in the position to pay rent. The Cheesecake Factory, for example, has said publicly it will not be paying rent in April. Lululemon, on the other hand, said it paid April rent. Some retailers are asking to cut rents to a smaller percentage, or delay payment to a later date. Read more at CNBC.
