Posted on 05/13/2020 9:13:44 PM PDT by SoCalCynic
Starbucks Corp. has asked the landlords for many of its corporate-owned units for a year’s worth of rent breaks as part of its strategy to improve its finances coming out of the coronavirus shutdown.
The letter, sent the day after the Seattle-based coffee giant started reopening its U.S. locations last week, was written by the company’s chief operating officer, Roz Brewer.
It requests 12 months of concessions, starting June 1, “to support modified operations and adjustments to lease terms and base rent structures, so we can withstand this uncertainty together.”
(Excerpt) Read more at restaurantbusinessonline.com ...
The request was “not well received,” according to one real estate source, while another called it “ridiculous.” Landlords and other real estate professionals were taken aback at the length of time the company wants lower rent.
I always told my kids, "if you don't ask the answer's no. If you ask, it's still probably no but at least you have a shot."
They can pound coffee-ground sand and beg for $$$ from Gates & Buffett & $oro$.
If you look at San Francisco, where they are and what the environment will be when “some” people start going back to work then Starbucks is looking at a 100% under performing stores that will not be able to generate enough income to pay their contracted rents.
Twitter Fk’d everyone today by telling employees they don’t ever have to come back to the office if they don’t feel like it and you can bet workers from other companies will demand the same.
Look for commercial RE to implode and a glut of inventory to be on the market until mature managers tell employees to come to work.
That is a long way off.
America is so screwed. All because we listened to the Hygiene Fascists and let them run our nation into the ground.
Do the landlords get A YEAR’S WORTH OF PROPERTY TAX BREAKS?
[[[crickets]]]
Nope. Starbucks has enough money for progressive causes and freeeeeeeee bathrooms and sheltering for the homeless as well as discriminating against legal citizen conduct, they can pay their full rent.
Remote work has now proven itself. People have actually been *more* productive working from home in many cases. The “mature managers” have been proven wrong at many of my clients with almost two months’ track record now.
Might be a long while before those “managers” tell the employees to come back to the office.
Take off 2 months worth and spread it over the next 12. Thats fair. Other wise tell Starbucks to leave and keep the barrista equipment for payment. The get together with the other owners and open a New franchise called “We Dont Burn Our Coffee”
Can I get a year’s worth of cake balls ?
Lucky you. I have an underperforming, lazy staff. Im in the middle of writing up a documented review on an employee, who was mediocre in the office and sub par working from home. What WFH has done is clearly illuminate deficiencies, in my case. I’m ready to fire 4 of them, but I’ll be called racist.
“They can pound coffee-ground sand and beg for $$$ from Gates & Buffett & $oro$.”
____________________________________________
Exactly.
They thought they were mini-gods. Didn’t need any conservatives to purchase anything. Didn’t need any conservatives at all.
Well, they can learn to lean on themselves and not get any assistance from anyone.
Instead of trying to screw their landlords, companies like this should be pressuring the state and local governments to start paying attention to opening their economies.
$7 a cup for coffee and you’re broke?
With the ridiculous high prices that Starbucks charges?? HAHAHA.
Let’s see them go into bankruptcy.
In other words, give us a year to figure out how to further screw you out of leases and rent going forward. Starbucks could charge an extra 10cents to the entitled (including and especially in China) who drink their stuff, without even touching dividends, and be able to not only repay 2 or 3 months' unpaid rent within a year, but keep all locations open. It's international, it has financial resources worldwide. Freaking Pirates.
If you have lazy staff, they will be easier to fire when they clearly don’t do their work. You can then use objective metrics to fire them as they can’t blame co-workers, etc. We canned two at one of my clients this week and there’s been no reduction of productivity (which was elevated over the office). Really shows who is dead weight in the firm.
I should also note that one of the two we fired was a manager. WFH is making it easier to terminate dead weight managers too. :)
Starbucks needs to f/&i
This is so strange. We’ve been “working” from home for some time, and the Boomers are going nuts. We all are in near rebellion, and want to get back to the office, and get to work.
We fully understand that some of us will get sick, and statistically speaking, some will die. But everyone is going to die, so why shed your dignity?
The millenials and gen-z 20 somethings? The ones who are basically not at risk? They never want to leave their couch.
This does not bode well for our country.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.