Sleepy’s looks to cut rent by 25 percent

March 03, 2009 08:28AM

Mattress retailer Sleepy’s is trying to cut its rent obligations by 25 percent this year. David Acker, president of the bedding chain, sent letters to its 700-plus landlords around the country asking for rent reductions to prevent the store from closing its doors. The retailer has 40 stores in the city. Gene Spiegelman, executive director of retail services at Cushman & Wakefield, said he has dealt with seven other situations where retailers were asking for rent breaks, but only one was able to renegotiate its rent. And Alan Victor, an executive vice president at Lansco Corp., said in some instances, landlords wanted proof that a retailer’s profits are down before considering a rent break. The Real Deal looked at retailers asking for rent reductions in February.

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