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Hawaii extends DFS relief talksHawaii extends DFS relief talks
12-Jul-2003
The Hawaii State Department of Transportation has agreed to extend the deadline for rent relief discussions with DFS Group from July 10 to August 9.
The Hawaii State Department of Transportation has agreed to extend the deadline for rent relief discussions with DFS Group from July 10 to August 9. The talks, which began three months ago, aim to ease the State's concerns over the estimated $49m DFS owes in back rent, and to reach agreement on a possible reduction of the operator's $60m annual rent for its 40 Hawaii outlets.Bookmark This Article
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(28-Jun-2003) - HAWAII. Governor Linda Lingle has followed the example of her predecessor by vetoing a bill that would offer beleaguered airport retailers rent relief during hard times.
(11-Mar-2003) - An announcement last week by DFS Group that it has repaid more than $100m to majority shareholder Moet Hennessy-Louis Vuitton (LVMH) in the last year may have put the proposed Hawaii rent relief bill in jeopardy
(3-May-2003) - US. DFS Hawaii has agreed to pay the State Department of Transportation $25m in back rent after the two sides agreed to continue negotiating a new duty-free contract.
(1-Feb-2002) - US. A new bill before Hawaii?s state legislature could pave the way for operators to walk away from demanding airport contracts without penalty, if the State Department of Transportation offers no further rent relief in the next two months. The region?s retailers, including DFS Hawaii, have suffered badly since September, as Asian travel slumped by over 60%. DFS and many other local operators support the bill.
(3-Jul-2002) - US. DFS Group and other Honolulu airport retailers are facing a struggle to meet their guarantee payments after the governor of Hawaii vetoed a proposal to extend rent relief for their duty-free and duty-paid concessions. Emergency legislation after September 11 provided over $26m in relief for airport concessionaires, but this expired on April 30.