Brazil's Via Varejo seeks rent holiday to offset revenue slide -sources [Reuters]
Companhia Brasileira de Distribuicao American Depsitary Shares; each representing one Common Share (CBD)
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Source: Reuters
Brazil's Via Varejo seeks rent holiday to offset revenue slide -sources SAO PAULO, April 15 (Reuters) - Via Varejo SA, one of Brazil’s largest appliance retailers, is seeking to suspend rent payments for over 1,020 stores to help offset a 50% revenue drop, two people with knowledge of the matter said. One of the people said the company has already reached an agreement with some landlords and expects to get group agreements with other retailers that would exempt it from paying rent on its stores located in malls for as long as they are shut by the coronavirus lockdowns. The first source said the rent holiday request was also made to billionaire chairman Michael Klein, the largest shareholder in the business who also owns dozens of stores rented by the company. Via Varejo would save 80 million reais ($15 million) a month if all landlords accept the waiver, the second source said, asking for anonymity to disclose private talks. Although still weak, the company’s sales have improved since
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