Skyline photo of Manhattan, NY
Cyclists ride along the pedestrian path of the Brooklyn Bridge in New York City on a clear day. The bridge’s iconic stone towers and suspension cables frame the scene, while the Manhattan Bridge and East River are visible to the left. City buildings rise in the background, and several pedestrians walk in the distance.
everyday people crossing at intersection in NYC
Street scene in New York City’s Little Italy, with a man on a bicycle in the foreground riding through an intersection. Pedestrians cross the street near outdoor tables at Caffe Napoli, which is decorated with holiday lights and greenery. Nearby, the restaurant Puglia and a row of historic buildings with fire escapes line the background under a pale sky.
NY Skyline at dusk
April 21, 2022

Legal News

POP LEGAL
April 21, 2022

KMart Down to 3 stores in the US

At its peak, KMart had well over 2,000 retail stores located in the United States.  KMart is now down to 3 locations in the US.  In part, this is due to the dominance of companies like Walmart, Target and Amazon.  The addition of these stores has led to the demise of the discount department store.  KMart and other big box retail stores are not alone in having to make decisions over shedding space.   Over the last few years, especially at the onset of the pandemic, many businesses are finding themselves in a similar position due to changing business needs and preferences related to working remotely.    

Generally speaking, the ability to terminate a lease is governed by the lease agreement.  Of course, if you are near the end of your lease term, the issue is less complicated.  On the other hand, if you are tied to a long-term lease, early termination can be costly.   Depending on whether the lease required a personal guaranty and included a “good guy” clause may also factor into whether terminating a lease prior to the end of the term makes sense.  

Alternatively, there may be other options to explore such as an assignment of the lease or subletting part of the space if early termination is not possible.  

If you are a business owner in need of guidance around terminating a lease early, the attorneys at Outside Legal Counsel LLP can help assess your options.

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