Heavy blow for DFS as Hawaii vetoes rent relief extension

(28-Jun-2002) - DFS Group and other Honolulu airport retailers face 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

(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.

(3-Jul-2002) - The decision last week by Hawaii governor Ben Cayetano to veto legislation that would extend rent relief to airport operators comes as a severe blow to DFS Group and other troubled Hawaii concessionaires.

(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.

(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