WHSmith demands rent cuts as pandemic hits revenues

WHSmith Holborn 11

WHSmith has become the latest retailer to demand rent cuts from landlords in a bid to contain spiralling costs and offset sliding sales due to the coronavirus pandemic.

The retailer has drafted in property adviser Gerald Eve to try to thrash out deals with landlords across its portfolio of 575 town centre stores and 560 travel hub locations across the UK, according to The Sunday Times

The company is reportedly threatening landlords with a company voluntary arrangement (CVA) to push the cuts through if they don’t agree to ad hoc changes and rent holidays, a charge that a spokesman for the retailer denied. 

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