The court battle highlights the mounting tension between retail landlords and their tenants, many of which had stores forced shut due to the crisis and as a result stopped paying rent or paid less rent. Similar litigation is expected to ensue, real estate experts have said. And many landlords are also beginning to send default notices to retailers that have skipped payments, which could result in them forcing businesses out of their properties altogether.
Gap had also warned in late April that litigation could arise, as a result of its skipped payments. "Although we believe that strong legal grounds exist to support our claim that we are not obligated to pay rent for the stores that have been closed ... there can be no assurance that such arguments will succeed," the company said in a filing with the Securities and Exchange Comission at the time.
Representatives from Simon and Gap did not immediately respond to CNBC's requests for additional comment.
$SPG What a turd!
Wouldn't GAP's response be, 'Hey, you closed your doors denying us customers?' The Simon Mall where I live was closed for quite some time.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Stocks making the biggest moves midday: Lyft, Boeing, Cheesecake Factory, Simon Property & moreCheck out the companies making headlines in midday trading. GNUS is the next NFLX GNUSBrands netflix stoolpresidente Disney NBA RemarkHoldings
Source: CNBC - 🏆 12. / 72 Read more »
‘Mission: Impossible 7’ Star Simon Pegg Details How Movie Will Resume Production in September (EXCLUSIVE)“Mission: Impossible 7” is set to restart filming in September after shutting down filming earlier this year due to COVID-19 — and the film’s outdoor scenes are set to shoot first. Actor Simo… by which time it will be MI8 I appreciate this angle trying to make Tom Cruise look like he comes up to Henry Cavell’s clavicle🤣
Source: Variety - 🏆 108. / 63 Read more »
Stocks making the biggest moves midday: Lyft, Boeing, Cheesecake Factory, Simon Property & moreCheck out the companies making headlines in midday trading. GNUS is the next NFLX GNUSBrands netflix stoolpresidente Disney NBA RemarkHoldings
Source: CNBC - 🏆 12. / 72 Read more »
Millions Of Americans Skip Payments As Tidal Wave Of Defaults And Evictions LoomsHardship programs appear to be helping many people pause payments and survive the economic shutdown so far. But not everybody is getting the help, and advocates see big potential trouble ahead. Trump is to blame. Look at the DOW today. Once again, it’s in positive territory. Explain who is getting rich when 40% of Americans are on unemployment and going to food banks today? Explain that? TrumpIsANationalDisgrace I'll bet them netflix/Disney- subs are renewed on time. The worst looting in this country. VoteOutTheGOP
Source: NPR - 🏆 96. / 63 Read more »
Here's how you can watch Michael B. Jordan's 'Just Mercy' for freeThroughout the month of June, the legal drama, directed by Destin Daniel Cretton, is available to rent for free on digital platforms in the U.S. ❤️ Who and why Looks like a bunch of rich people spending money and thinking that will solve the problem instead of using there voices and influence to make things better!
Source: Newsweek - 🏆 468. / 52 Read more »
Stephen Jackson to George Floyd's Daughter, 'I'll Walk You Down the Aisle One Day''I'm gonna be there for her. I'm gonna walk her down the aisle. I'm gonna be there for her. I'm gonna be there to wipe your tears. I'm gonna be here for you and Gigi.' He's right I love it!!! A millionaire 68 times over has the nerve to say that lol
Source: TMZ - 🏆 379. / 59 Read more »