The coffee giant, Starbucks is reportedly asking its landlords for a break on rent as the effects of the pandemic take their toll on sales. Starbucks sent a letter to landlords earlier this month, asking them to ‘adapt to new realities’ — including an anticipated $225 billion hit to the American restaurant industry during the next two to three months.
“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,” read the letter, which was signed by Starbucks COO Roz Brewer, according to the report.
Starbucks have now gradually started to reopen its stores in the US and Canada and are hoping of having approximately ninety percent of all company-operated US Starbucks fully operational by early June.
