Global retailers, including Adidas and H&M, sparked outrage in Germany recently after announcing they planned to stop paying rent on stores that have been forced to close over the virus crisis. German sportswear maker Adidas, which made a net profit of nearly €2 billion ($3.16 billion) last year, has been hit hard by a slump in China sales and massive store closures. The company, one of Germany's best-known brands, told DPA news agency that it was temporarily suspending rental payments, just like many other companies.
Similarly, Swedish clothing giant H&M would not be paying rent on its roughly 460 closed stores in Germany, telling DPA that it had informed landlords and hoped to find a mutually acceptable solution soon. German shoe store chain Deichmann intends to suspend rent and service charges from next month for the duration of the government-ordered closures. The company expected those with political responsibility to compensate for the lost rental income of the affected parties.
Electronics retailers Saturn and MediaMarkt, as well as Adidas rival Puma, also planned to halt their rent payments for now.
