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