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UPDATED, Feb. 5 2021, 3:55 p.m.: It’s been nearly a year since the start of the pandemic and for some retailers, that means it’s been nearly a year since they’ve paid rent. Take L’Occitane, the French beauty brand. On March 25, 2020, the company told one of its landlords, Simon Property Group, that it would stop paying rent at its locations for “as long as the crisis continues,” starting in April. It then halted rent payments at 40 of its stores. As a result, L’Occitane owes the mall landlord $3.7 million. Now, Simon is taking its tenant to court: The landlord filed a complaint last week in New York State Supreme Court, threatening legal action if L’Occitane doesn’t pay.
Gov. Andrew Cuomo (Getty) Commercial evictions could be on hold until at least May if Gov. Andrew Cuomo’s 2022 state budget proposal is enacted as-is. The governor first proposed the ban, which would go into effect through new legislation, as part of his State of the State addresses earlier this month. The current eviction ban, which has been repeatedly extended since it was enacted last March, is set to expire at the end of January. Much like New York’s recently passed blanket moratorium on residential evictions, the legislation would require commercial tenants to attest that they have experienced financial hardship by completing a form that can be returned to either the landlord or the court. The current rules limiting commercial evictions do not require a hardship declaration.