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Victoria's Secret managed to put a "you must continue paying even if there's a pandemic" clause in a contract signed _in February_ so... it wouldn't surprise me
by M2Ys4U 7y ago
Victoria's Secret managed to put a "you must continue paying even if there's a pandemic" clause in a contract signed _in February_ so... it wouldn't surprise me if We Work still had to pay rent given how well (read: not well) the company is run.
- EwanToo 7y agoWhen the CEO owned some of the buildings they were leasing, I can imagine a scenario where the lawyers were told not to look too hard at the paperwork...
- exhilaration 7y agoCan you give us a link to a story about this? I'm curious to see how (some) companies planned for the economic downturn.
- perl4ever 7y agoIt was mentioned in Matt Levine's columns of the 23rd and 24th. Unfortunately, I assume those are behind Bloomberg's paywall. Here is a quote from L Brands courtesy of Levine: "Sycamore ignores a fundamental problem with its apparent case of buyer’s remorse: At the time the parties negotiated the Agreement, the world was already well aware of the existence of COVID-19, and the parties agreed that Sycamore would bear the risk of any adverse impacts stemming from such a pandemic. … Sycamore and its representatives may wish that the world did not have to face the pandemic that now confronts us, and may regret that they did not negotiate the allocation of pandemic risk differently in the Transaction Agreement. But having made that commercial choice, Sycamore must now live by it."