Starbucks is asking landlords for a break on rent | News Headlines


Starbucks is asking landlords for a break on rent | News Headlines

SEATTLE (CBS News) — What do millions of Americans and Starbucks have in common? Both want a break on the rent.

According to The Seattle Times, the coffee giant is pressing landlords to offer rent relief for its stores, citing the coronavirus’s impact on sales. “Effective June 1, and for at least a period of 12 consecutive months, Starbucks will require concessions to support modified operations and adjustments to lease terms and base rent structures,” Chief Operating Officer Roz Brewer wrote in a May letter to landlords.

Starbucks hasn’t said where around the U.S. it is asking for rent relief. Chief Financial Officer Patrick Grismer said during the company’s most recent earnings call that “we’ve not yet confirmed those arrangements, and it’s really premature to indicate what that relief may look like.”

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