Bankrupt retailers play the get out of lease card
August 7, 2020
U.S. retailers filing for Chapter 11 are using the protections offered by bankruptcy proceedings to get out of long-term lease obligations with landlords. “This is now black-letter law — a debtor can cram down a landlord,” said Melanie Cyganowski, a former bankruptcy judge who’s now a partner at law firm Otterbourg PC. “If this becomes a tsunami of retailers rejecting their leases, it’s going to trigger another part of the sea change — the mortgages held by the landlords.”
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