Starbucks Landlords ‘Astounded’ By Company’s Coronavirus Rent Reduction Request

From: foxbusiness.com

Starbucks’ retail chains are reaching out to landlords to renegotiate rental arrangements due to the “staggering economic cost” associated with the coronavirus pandemic, according to a statement issued by the company.

“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,” the letter distributed earlier this month said, which was signed by Starbucks Chief Operating Officer Roz Brewer. “This is the worst recession since the Great Depression and far more devastating than the global financial crisis.”

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