After a big renovation my local mall has had prob 30+ new stores go out of business. How do they break their leases?
I live near one of the biggest malls in the US.  Its run by Simon Property Group. They did a $300m renovation about 3-4 years ago. I've seen dozens of new stores open and then close; some of them don't even last 6 months. How do they get out of their leases?
[{"id": "f7gn85s", "text": "Typically by declaring the company bankrupt and vacating in a timely fashion. Been there and done that and it\u2019s sucks for everybody but when the money is gone it\u2019s gone.", "replies": [{"id": "f7gqpuh", "text": "I\u2019m going through the same boat. I have a restaurant in Vegas I need to sale but no good bites yet. Probably gonna have to close it soon and lose 10 years of savings :/", "replies": [], "depth": 2}], "depth": 1}, {"id": "f7gp5uj", "text": "LLC signs the lease and LLC goes bankrupt. Hopefully the owners didn\u2019t sign personal guarantees on the lease, or limited guarantees.", "replies": [], "depth": 1}, {"id": "f7gq8kg", "text": "Every store's lease can be unique and allow for various concessions, depending on how it is negotiated. More traditionally in retail you might see:\n\n* Month to month leases. The tenant can leave at any time with X days notice. Or,\n* The retailers might have a termination clause in their lease. This can vary from the tenant being able to leave w/in or after a certain time period if they provide notice, if their sales don't reach a specified threshold, or if the occupancy in the shopping mall decreases below a certain percent.", "replies": [], "depth": 1}, {"id": "f7j0in9", "text": "It\u2019s common for retail units to have co-tenancy clauses which allows lease breakage if an anchor tenant vacates\n\nThere are also go dark provisions. A go dark provision is a clause often used in retail leases which governs whether or not a tenant may vacate a space, while continuing to pay rent, prior to lease maturity.", "replies": [], "depth": 1}]