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Senior Contributor

as expected

https://www.bloomberg.com/news/articles/2020-05-22/default-notices-are-piling-up-for-retailers-unabl... 

 

Retail landlords are sending out thousands of default notices to tenants, a situation that could tip already-ailing retailers into bankruptcy or total collapse.

 
 

Department stores, restaurants, apparel merchants and specialty chains have been getting the notices as property owners who’ve gone unpaid for as long as three months lose patience, according to people with knowledge of the matter and court filings.

6 Replies
Honored Advisor

Re: as expected

Malls and the stores were having it tough before Covid, because of Amazon.  People would "window shop" and then check the prices on their phone and click & buy, have the same item delivered in a couple days for half price.  But these malls are going to over-play their hand and end up full of boarded up stores.  But to pay property tax (TiF run out) fix potholes in parking lot, fix leaking roof and keep the lights on they need X dollars too or they can`t make it. 

Senior Advisor

Re: as expected

Jeff Bezos has done very well during the pandemic.

Honored Advisor

Re: as expected

Yeah, don`t they say he`s on track to be the world`s first Trillionaire?   I`m related to Jeff you know   Smiley Happy

Senior Advisor

Re: as expected

Shame on the chicken#### 80% who didn't go out and dine and shop for Jesus and the flag.

Countries that handled the front end of this aren't experience that nearly so much. Although US retail in a whole 'nuther deal- something like 3X the retail floor space of any other developed country.

A function of our big box, strip mall, burger shack, suburban sprawl growth model and cheap money for "growth." That's in Kunstler's old wheel house.

But out of the blue crises do have a way of turning slow motion wrecks into fast ones.

Senior Advisor

Re: as expected

WaPo aside, Dennison's beef with Bezos and USPS also a matter of the failing business model of his many "friends*" in the real estate game.

Without knowing, I'll guess that the amount of cash that was doled out to them is of a similar magnitude to what's gone to 40M unemployed workers.

BooHoo for them.

*he has no friends, just people who want something.

Senior Advisor

Re: as expected

cv-19, the governors and the experts have been very good to Jeff.