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Print Print 2020-03-30

Adidas, H&M stop rent payments

Global retailers including Adidas and H&M sparked outrage in Germany on Sunday after announcing they planned to stop paying rent on stores that have been forced to close over the coronavirus outbreak.
Published 30 Mar, 2020 12:00am

Global retailers including Adidas and H&M sparked outrage in Germany on Sunday after announcing they planned to stop paying rent on stores that have been forced to close over the coronavirus outbreak.
Finance Minister Olaf Scholz urged leading companies to refrain from taking rash action that could hurt property owners.
"It's irritating when large companies simply announce a halt on paying rent," Scholz told the Bild daily, urging retailers to reach out to landlords to find solutions.
"Now is the time to work together," he said.
The move comes after the German government unveiled a major rescue package to protect companies and jobs from the economic impact of the pandemic. It includes a provision that temporarily shields tenants from being kicked out of their homes or business premises if they experience financial hardship over the coronavirus measures.

Copyright Agence France-Presse, 2020

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