The Sunday Times: Primark gags landlords on secret rent payments7 Jun 2020 11:37
The discount fashion retailer withheld a reported £33m of quarterly payments due to landlords
The discount fashion retailer withheld a reported £33m of quarterly payments due to landlords
Primark is paying rent to a select group of landlords, but has forced them to sign gagging orders — after it refused to pay millions of pounds to others.
In March, the discount fashion retailer — owned by Associated British Foods, backed by the billionaire Weston family — withheld a reported £33m of quarterly payments due to landlords, the day after it shut 376 stores across 12 countries due to Covid-19, including 189 in the UK. The company, which pays about £125m rent a year, announced that for every month of closure, it would lose about £650m in sales.
Primark, which plans to reopen stores in the UK from June 15, has been in talks with landlords and is understood to have agreed rent payments