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Mass retailer default sparks fears on rents
'An unpublished letter from Retail Excellence to Finance Minister Paschal Donohoe, seen by the Sunday Independent, estimates just 20pc of commercial rents due in advance for the second quarter have been met.' Photo: PA
Retailers forced into temporary closure are already defaulting on millions of euro in rent as the financial cost of Covid-19 mounts.
An association representing retailers has estimated that 80pc of commercial rents due on April 1 have not been met. A mass default in commercial rents will create a huge crisis for institutional and private landlords.
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