Retailers teetering on the edge due to upward only rents: Toibín
March 13, 2013
Lack of action by the government on upward only rents clauses is proving the killer blow to many retailers teetering on the edge.
Speaking as it was disclosed in the High Court that Monsoon -Accessorize will close a minimum of ten of its 18 stores in Ireland.
Peadar Tóibín TD, Sinn Féín spokesperson for Jobs, Enterprise and Innovation said: “The government is implementing some of the deepest cuts seen in a western democracy and this has resulted in the stagnation of the domestic economy and suppressed domestic demand. The retail sector has borne the brunt of this downturn with a loss of trade.
“Significantly the lack of action by the government on existing upward only rents clauses is providing the killer blow to many retailers teetering on the edge. Monsoon Accessorize are now looking at closing ten of 18 stores. The majority of the 269 workers are under threat.
The government as a matter of urgency needs to bring forward either legislation or a constitutional amendment to resolve before further jobs are lost.”