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JD Sports withholds rent and service charges

JD Sports has withheld rent and service charges for the quarter, amid warnings that the coronavirus crisis will have a “significant impact” on its outlook.

The quarterly rent for its 390 UK stores was due last week. The retailer is understood to be in discussions with its landlords about the next bill due in June.

On 24 March, JD Sports announced the immediate closure of all stores in the UK, Europe and the US until further notice.

It said that the website would still be trading, but stressed that there would be a significant impact from the closure of stores.

The retailer also stated that it would delay the announcement of its full-year financial results, which were scheduled to be reported on 15 April 2020. While a date is yet to be announced, the delay will allow JD Sports Group to “provide greater clarity of the impact of Covid-19”.

JD Sports declined to comment. 

 

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