Valentino sues NYC landlord to exit 15-year Fifth Avenue store lease, alleging that the once prestigious shopping area is no longer 'workable' as a luxury shopping destination
Valentino filed a lawsuit against its landlord on Sunday seeking to terminate a 15-year lease on its Fifth Avenue store.
"Even in a post-pandemic New York City...the social and economic landscapes have been radically altered in a way that has drastically, if not irreparably, hindered Valentino's ability to conduct high-end retail business at the Premises," it said.
"All such uses by Tenant to be consistent with the luxury, prestigious, high-quality reputation of the immediate Fifth Avenue neighborhood in general, and for no other use or purposes," the lease said. "In the current social and economic climate, filled with COVID-19-related restrictions, social-distancing measures, a lack of consumer confidence, and a prevailing fear of patronizing, in person, "non-essential" luxury retail boutiques, Valentino's business at the Premises has been substantially hindered, rendered impractical, unfeasible and no longer workable," it said.
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