An Italian subsidiary of the Melite retail group has entered into voluntary administration in a bid to restructure debts incurred after the COVID-19 lockdown in Italy hit hard its 26 retail fashion stores.
Melite Italia is the sub-lessee of 21 out of 26 stores owned by Melite Properties Srl.
Melite Properties is now seeking new tenants for its stores, a process that is dampened by the imposition of a second lockdown in Italy.
Managements expectation is that, until such time as the outcome of the Christmas period and the rate of distribution of approved COVID-19 vaccines become clear, it is unlikely that Melite Properties will be successful in sub-leasing further stores at the frequency that had been previously anticipated by management…
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