In a letter that has caused real estate professionals to sit up and take notice, Sleepy’s, a mattress retailer in Westborough, MA, has decided to reduce its rent payments by 25 percent, despite what their lease requires. According to Prince Lobel attorney Robert M. Schlein, “They have no right to unilaterally change their rent. What they are hoping is landlords won’t want to risk losing them as a tenant.” Rob recently took part in a panel discussion entitled “Distressed Leases, Landlords and Tenants.” For more information and highlights of Rob’s presentation, please contact him at [email protected] or 617 456 8098.
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