{"id":166868,"date":"2020-07-09T10:34:00","date_gmt":"2020-07-09T10:34:00","guid":{"rendered":"https:\/\/www.theindustry.fashion\/frasers-group-to-withhold-rents\/"},"modified":"2021-08-06T12:06:28","modified_gmt":"2021-08-06T12:06:28","slug":"frasers-group-to-withhold-rents","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/frasers-group-to-withhold-rents\/","title":{"rendered":"Mike Ashley\u2019s Frasers Group to withhold rents for the foreseeable future"},"content":{"rendered":"\n<p><strong>Mike Ashley\u2019s <a href=\"https:\/\/www.theindustry.fashion\/intelligence\/sports-direct-group\">Frasers Group<\/a> to withhold rents until trading \u201creaches a level\u201d envisaged.<\/strong><\/p>\n\n\n\n<p>According to a letter seen by Estates Gazette, <a href=\"https:\/\/www.theindustry.fashion\/intelligence\/sports-direct\">Sports Direct<\/a> owner Frasers Group has told landlords that it intends to withhold rent payments on its stores until the group is \u201cfully able to trade as a business\u201d at affected locations.<\/p>\n\n\n\n<p>Its' plans <strong>apply to all of the stores in the Frasers Group retail portfolio<\/strong>, including Sports Direct, <a href=\"https:\/\/www.theindustry.fashion\/intelligence\/house-of-fraser\">House of Fraser<\/a>, <a href=\"https:\/\/www.theindustry.fashion\/intelligence\/usc\">USC<\/a>, <a href=\"https:\/\/www.theindustry.fashion\/intelligence\/flannels\">Flannels<\/a> and <a href=\"https:\/\/www.theindustry.fashion\/intelligence\/jack-wills\">Jack Wills<\/a>.<\/p>\n\n\n\n<p>The Estates Gazette report states that Frasers Group said it <strong>aims to go rent-free until trading \u201creaches a level\u201d which all parties would have \u201cenvisaged\u201d<\/strong> when leases were initially drawn up.<\/p>\n\n\n\n<p>Frasers said that since its stores had not been able to trade under lockdown restrictions, it imagined that landlords would have made an \u201cobvious provision\u201d of suspending obligations to pay rent until it is \u201conce again able to use, occupy and enjoy the property, in full.\u201d<\/p>\n\n\n\n<p>Furthermore, according to the report, the letter said: \u201c<strong>A tenancy of a property which could not be used for trading was not the deal we made as tenant.<\/strong> The whole purpose was for us to be able to trade.\u201d<\/p>\n\n\n\n<p>Frasers Group had previously approached landlords back in March for a temporary 50% waiver on rents for its stores, as well as asking to change future rental payments to a monthly cycle to improve cashflow.<\/p>\n<p><a href=\"https:\/\/www.theindustry.fashion\/subscribe-now\/\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-144088 size-full\" src=\"https:\/\/www.theindustry.fashion\/wp-content\/uploads\/Daily-Newsletter-Banner.png\" alt=\"Newsletter banner\" width=\"1680\" height=\"268\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p> [&hellip;]<\/p>\n","protected":false},"author":39,"featured_media":133842,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[16042,6,10494],"tags":[5707,10835,15588,8780,10388,11421,19008,10836,10837],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Mike Ashley\u2019s Frasers Group to withhold rents for the foreseeable future - TheIndustry.fashion<\/title>\n<meta name=\"description\" content=\"Mike Ashley\u2019s Frasers Group to withhold rents until trading \u201creaches a level\u201d envisaged. According to a letter seen by Estates Gazette, Sports Direct\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.theindustry.fashion\/frasers-group-to-withhold-rents\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mike Ashley\u2019s Frasers Group to withhold rents for the foreseeable future - TheIndustry.fashion\" \/>\n<meta property=\"og:description\" content=\"Mike Ashley\u2019s Frasers Group to withhold rents until trading \u201creaches a level\u201d envisaged. According to a letter seen by Estates Gazette, Sports Direct\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.theindustry.fashion\/frasers-group-to-withhold-rents\/\" \/>\n<meta property=\"og:site_name\" content=\"TheIndustry.fashion\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/theindustryfashion\/\" \/>\n<meta property=\"article:published_time\" content=\"2020-07-09T10:34:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-08-06T12:06:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.theindustry.fashion\/wp-content\/uploads\/2021\/07\/Sports-Direct-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"960\" \/>\n\t<meta property=\"og:image:height\" content=\"640\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tom Bottomley\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@theindustryfash\" \/>\n<meta name=\"twitter:site\" content=\"@theindustryfash\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Tom Bottomley\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.theindustry.fashion\/frasers-group-to-withhold-rents\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.theindustry.fashion\/frasers-group-to-withhold-rents\/\"},\"author\":{\"name\":\"Tom Bottomley\",\"@id\":\"https:\/\/www.theindustry.fashion\/#\/schema\/person\/7b2ff82794ce6d11ac94a1400a6199b8\"},\"headline\":\"Mike Ashley\u2019s Frasers Group to withhold rents for the foreseeable future\",\"datePublished\":\"2020-07-09T10:34:00+00:00\",\"dateModified\":\"2021-08-06T12:06:28+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.theindustry.fashion\/frasers-group-to-withhold-rents\/\"},\"wordCount\":241,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.theindustry.fashion\/#organization\"},\"keywords\":[\"Covid-19\",\"Flannels\",\"Frasers Group\",\"House of Fraser\",\"Jack Wills\",\"Mike Ashley\",\"Rent\",\"Sports Direct\",\"USC\"],\"articleSection\":{\"0\":\"COVID-19\",\"2\":\"News &amp; Insight\",\"3\":\"Retail &amp; Etail\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.theindustry.fashion\/frasers-group-to-withhold-rents\/#respond\"]}],\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\/\/www.theindustry.fashion\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.theindustry.fashion\/frasers-group-to-withhold-rents\/\",\"url\":\"https:\/\/www.theindustry.fashion\/frasers-group-to-withhold-rents\/\",\"name\":\"Mike Ashley\u2019s Frasers Group to withhold rents for the foreseeable future - TheIndustry.fashion\",\"isPartOf\":{\"@id\":\"https:\/\/www.theindustry.fashion\/#website\"},\"datePublished\":\"2020-07-09T10:34:00+00:00\",\"dateModified\":\"2021-08-06T12:06:28+00:00\",\"description\":\"Mike Ashley\u2019s Frasers Group to withhold rents until trading \u201creaches a level\u201d envisaged. 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