Cinema giant Vue has sent letters to its landlords across Europe, asking for a 'complete waiver' of rent for the period of closures due to the coronavirus crisis. Details:
The U.K.-based theater chain – which has sent letters to all of its landlords across Europe – is also requesting that the rent for the 12 months after reopening be"turnover-based only."
"It was disappointing initially that we were being asked to pay 100 percent rent with a 100 percent service charge when we had been ordered to close by the government," he said. "We look at this as an ecosystem, where we drive footfall into shopping centers and drive footfall on the high streets. We live in exceptional times right now, and kind of felt there should be a mutual sharing of the pain and belt tightening.
Vue isn't the only crisis-hit operator or business in general to push back against its rent, one of the biggest cash-draining outgoings alongside wages for cinema firms. In the U.S., AMC Theatres – estimated to have a quarterly rent bill of around $250 million – informed its landlords that its rent wouldn't be paid from April 1 due to the coronavirus outbreak.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
'Gabrielle Chanel and Cinema' Explores the Designer's Deep Ties to Film'Gabrielle Chanel and Cinema' Explores the Designer's Deep Ties to Hollywood
Read more »
China's Wanda Doubles Down on Cinema Construction Amid Virus PandemicAlready China's largest movie theater operator, the company says it will build 1,258 new screens over the next two years. But the plan is contingent upon raising over $600 million from private investors, which could prove challenging amid the economic fallout of the coronavirus.
Read more »
Cinema Guild Acquires Hong Sangsoo’s ‘Yourself And Yours’; ‘Poor Greg Drowning’ Lands At Comedy DynamicsCinema Guild has acquired the U.S. distribution rights to the Hong Sangsoo comedy Yourself and Yours, which will open on June 5 with digital and home video releases set for later this year. The fil…
Read more »
How a Midtown Bodega Operator Is Keeping the Lights On – for Now'Times Square is really empty. My customers used to be 20 or 30 percent tourists but mostly people who worked in offices, hotels, theaters. But right now everything is shut down.'
Read more »
China's Wanda Doubles Down on Cinema Construction Amid Virus PandemicAlready China's largest movie theater operator, the company says it will build 1,258 new screens over the next two years. But the plan is contingent upon raising over $600 million from private investors, which could prove challenging amid the economic fallout of the coronavirus.
Read more »
Thousands Of Californians Plan May 1 Rent Strike Amid Coronavirus CrisisAs many have lost jobs when businesses closed to curb the spread of COVID-19, activists are calling for rent forgiveness for those unable to pay.
Read more »