Two Landlords Challenge Poundstretcher Rent Cuts Over Parent Guarantees
Updated
Updated · Bloomberg · Jun 4
Two Landlords Challenge Poundstretcher Rent Cuts Over Parent Guarantees
1 articles · Updated · Bloomberg · Jun 4
Summary
Two landlords have challenged Poundstretcher’s restructuring in court, arguing the discount chain would unfairly write off claims tied to rent cuts at some stores.
Global Property Projects and Global Property and Developments said Poundstretcher has not properly explained why guarantees from its parent company should be compromised.
The landlords also disputed the retailer’s claim that keeping those guarantees intact would endanger the restructuring plan.
The fight adds pressure to a Fortress Investment Group-backed retailer already trying to cut property costs as part of a broader debt restructuring.