Nordstrom has reportedly notified its landlords that it will pay only half of its rent costs for the remainder of 2020.
According to a letter to landlords from President of Stores Jamie Nordstrom to property owners obtained by Retail Dive, the retailer plans to use comp performance as the basis for any “true-up rent payment, up to a full reconciliation should 2020 sales reach 90 percent of sales made in that location in 2019.”
In addition, Nordstrom wrote that the retailer “will continue to maintain insurance coverage, pay utilities on which we are the account holder, and maintain your building(s) as required by the lease.”
Photo courtesy Nordstrom
