Business
Retailers, landlords in open warfare over rents – The Australian Financial Review
Retailers are threatening to close hundreds of stores unless landlords agree to negotiate deals that reflect the new retail reality.
Mosaic Brands shares crashed by more than 26 per cent on Tuesday to 50 cents while Scentre Group shares rose 4.5 per cent to $2.11.
“Some but not all landlords are hanging onto to what the past was, rather than what the future might be,” said Mr Evans, who is threatening to close between 300 and 500 stores over the next two years unless landlords agree to reduce existing rents and negotiate new rents based on a percentage of sales.
Mosaic Brands crashed to a net loss of $170.5 million in the y…
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