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Aurora Fashions asks landlords to cut rents

Aurora Fashions, the new company which rescued Oasis, Karen Millen, Coast and Warehouse this week, is asking landlords to reduce rents on some of its stores to keep them trading.

Aurora Fashions, which bought the fashion chains out of administration this week, is understood to be asking to pay rents equivalent to 10% of each store’s turnover, and is also asking for rent-free periods for some of its stores, according to The Daily Telegraph.

Aurora Fashions is also asking landlords to pay rent on a monthly rather than quarterly basis on all its 900 stores, the report says.

Aurora Fashions deputy chief executive Mike Shearwood declined to give details but said that the group was trying to work with landlords rather than make demands, and that the turnover-linked and rent free renegotiations affected less than 10% of the group’s stores.

 

 

 

 

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