Reliance Retail Ends Lease With Nexus Malls

Reliance Retail Ends Lease With Nexus Malls
30/05/2020 , by , in ALLIED

Reliance Retail and Reliance Brands Ltd have jointly served termination notices, ending leases of dozens of outlets in nine of the Blackstone-owned Nexus Malls. Malls were shut after a lockdown was imposed to curb Covid-19 on March 25 and haven’t reopened yet in most parts of the country.

Reliance Retail had made repeated requests for waivers or rebates on rents for the lockdown period, invoking force majeure. Nexus replied the clause was not applicable according to the lease agreements, sources said.

Reliance Retail did not respond to queries and neither did Nexus.

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