Monro Inc. Tells Landlords It Won’t Pay Rent
Monro, Inc. has sent a letter to its Landlords indicating that it will not pay rent for a 6 month period beginning May 1, 2020.
In the letter, sent to Landlords on April 17th, Monro states “We consider our Landlords our partners and over our 63 year history we have created and fostered hundreds of mutually beneficial relationships. At Monro, we take great pride in our position as one of the most desirable tenants in our industry.”
The letter then continues to say “Given the extraordinary impact the pandemic has had on our business, we must let you know that we will be suspending rent and related monthly payments for a six-month period beginning with the schedule May rent payment. We reserve taking further action if necessary and we appreciate your understanding.”
The letter was signed by Jack Heisman who is Monro’s Vice President of business development and real estate.
Landlords received this notification about lease payments from Monro just 15 days after Brett Ponton, the company’s President and Chief Executive Officer, made this statement:
“While COVID-19 significantly impacted our fourth quarter financial results, and continues to impact our store operations, we believe our ample liquidity and solid balance sheet position us well to navigate this challenging environment.”
For the full statement made by Mr. Ponton you can refer to this Business Insider story.
Monro Inc. is a public company (ticker symbol MNRO). The company operates the following branded stores:
- MONRO
- MR. TIRE
- TIRE CHOICE
- KEN TIRE & AUTOCARE TOWERY’S
- AUTOTIRE
- TIRE WAREHOUSE
- TIRE BARN
- THREAD QUARTERS
- TIRES NO
- CARX TIRE & AUTO
Joshua Gerben
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