Old Navy In Center City Sued For Not Paying Rent
It's unfortunate how so many businesses have been closed due to the coronavirus. It is sad to even think that so many different businesses haven't been able to pay their rent because money isn't coming in. We learned from PhillyMag.com that even the big-name retail stores are struggling to pay their rent, Old Navy being one of those struggling stores.
According to PhillyMag.com, the Old Navy in Center City near 16th and Chestnut is being taken to court because rent has not been paid during the pandemic. The landlord, Gazit Horizons LLC, is not having it. We all know we fear being in a situation where the landlord comes and knocks on our door asking for the late payment. That is exactly what is going on with Old Navy right now.
Gazit Horizons told PhillyMag.com that the American clothing and accessories retailing company has not paid rent for their 23,464 square-foot spot for April or May. It was also mentioned that Old Navy representatives have not shared any comments in regards to the lawsuit for lack of rent payment. Old Navy has been at that location in Center City for a few years now and the lease wouldn't end until some time in 2030, so really the store will be there for a while.
PhillyMag.com also mentioned that this type of lawsuit is the very first one that has been issued by Gazit Horizons LLC during the pandemic. Gazit Horizons owns "billions and billions of dollars in assets around the world," according to PhillyMag.com