Victoria's Secret is seeking to tear up one of its largest and most expensive retail leases, using the Covid-19 crisis as a legal justification to break from the obligation.Beleaguered lingerie brand Victoria's Secret is suing its landlord to break from a $10 million lease commitment for a flagship store it has long operated in Herald Square.
Parent company L Brands also recently agreed to scrap a $525 million deal to sell a majority stake in Victoria's Secret to Sycamore Capital Partners. A summons of notice is a filing that precedes a more detailed complaint — and was interpreted by some observers as a way to threaten to sue without committing to costly litigation in an effort to negotiate with its landlord at the location, the real estate investment trust SL Green. An attorney for SL Green stated that negotiations between the two parties previous to the filing had been unfruitful.
The effort to cancel the lease at 2 Herald Square shows the fading allure of what were once flagship urban retail locations in the wake of the pandemic as questions linger when — and even if — commerce will return to normalcy even in bustling economic centers like Manhattan. Neiman Marcus just filed for bankruptcy, and it could mark a major blow to NYC's glitzy Hudson Yards — one of the most expensive mega-malls in US history. Here's why.
Seigel said he could not comment specifically on the Victoria's Secret space in Herald Square and was not familiar with the specifics of the situation.
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