The fashion retailer H&M suspends rental payments “until the situation is clarified”, it is said on request. The landlords were “informed”.
The pioneer was the sporting goods manufacturer Adidas, which had also announced that it would initially no longer want to pay rents and has now apologized for it.
In an open letter it says: “Many of you felt that the decision to require renters to defer our rent for April was unsound.” And further: “Your opinion is important to us, and your opinion is clear: You are disappointed with Adidas.”
For these reasons, the company apologizes “in all forms”. The rent for the month of April had been paid. “Fairness and team spirit have always been closely linked to Adidas.”
The sporting goods manufacturer had to close its shops due to the corona pandemic. “It is true that Adidas, like many other companies, temporarily suspends rent payments as a precaution,” a spokeswoman said at the time.
The company now needs a billion dollar loan. The Bloomberg news agency had spoken of government aid. The company denied the report, saying it would take out loans.
The company had announced two days ago that, given the high level of economic uncertainty surrounding the Corona virus outbreak, “it was proactively taking a conservative approach to liquidity management to maintain the company’s financial flexibility in the current environment.”
Adidas also stopped its planned share buyback program.