Starbucks demands landlords lower its rent for the next year, citing 'staggering economic crisis' of coronavirus
Starbucks demands landlords lower its rent for the next year, citing 'staggering economic crisis' of coronavirus

SEATTLE — Starbucks wants landlords to give it a break on rent for at least a year as coronavirus social-distancing measures batter sales at the Seattle-based global coffee chain.“Effective June 1 and for at least a period of 12 consecutive months, Starbucks will require concessions to support modified operations and adjustments to lease terms and base rent structures,” read a May 5 letter to landlords, signed by Starbucks Chief Operating Officer Roz Brewer.Starbucks demanded the rent relief one day after the company announced it would reopen 90% of its 8,900 company-owned U.S. stores by early…

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HEDGE accordingly