Covid-19 Update: Dick’s, Genesco, The North Face, Canadian Tire, Peloton
Dick’s has notified landlords that it is exercising the force majeure clause in its leases due to the Covid-19 pandemic, according to letters obtained by the Pittsburgh Business Times, and that it has right to abate all rent from the day a store first closed because of the virus. The documents include a letter from DKS’ Lee Belitsky itemizing additional obligations under the lease, such as taxes, maintenance and insurance, which it also would not be paying. According to the Times, Dick’s offered various compromises to landlords depending on whether it was forced to close the applicable store, or chose ... Log in to view full article.