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01/08/2008
High street retailer asks for cash flow relief from landlords |
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A major high street retailer which is struggling financially has asked its landlords if it can pay its rent monthly to help ease cash flow.
MFI held a meeting last month with landlords thought to include Land Securities, British Land and Prupim, Propertyweek.com reported.
The company is trying to achieve its target of breaking even by January 2009 and Andrew Jones, head of retail at British Land, has said that whilst they will "work with retailers" that ask to change their rental agreement, "it is difficult to change existing contracts".
Andrew Melen, MFI property director, said: "MFI, along with other major retailers, values strong relationships with all its business partners, including property landlords."
Mr Melen explained that part of their plan was to work with their partners to deliver "the most cost-efficient performance".
Following on from the closure of six of its stores, the retailer has now agreed to reduce the size of 40 of its stores. |
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