Funny headline on zerohedge:
“We Still Expect To Be Paid” – America’s Largest Mall Operator Sues Gap For $70M In Back-Rent
“Like watching drunk hobos fight over a half-eaten sandwich at 3am…
Simon Property Group, one of the biggest – if not the biggest – mall operator in the US, us suing GAP, one of its largest tenants, claiming the retailer failed to pay more than $65.9 million in rent and other charges due during the coronavirus pandemic.
CNBC, which brought us the story, says the battle is unfolding in a Delaware state court. The lawsuit “highlights the mounting tension between retail landlords and their tenants, many of which stopped paying rent after the crisis forced them to shut stores.” It was filed on Tuesday. And a reporter at CNBC was apparently told to “expect more” lawsuits, apparently by somebody at SPG.