Legal Question in Landlord & Tenant Law in Illinois
I own a small business located at a shopping mall. The traffic in our part of the mall, as well as my neighbors, are all beginning to leave. Needless to say, the part of the mall where I am located, as well the mall in general, are really really empty. Our sales are plumeting, and although we were given a small rent reduction by the landlord, we simply cannot sustain. I am interested in closing the store and getting out of my lease, but I am a personal guarantor on the lease. What are my options?
2 Answers from Attorneys
3 choices
1 renegotiate the lease
2 some type of personal bankrutpcy
3 walk away and see what happens
call me if you have any questions
Joe Michelotti
630 928 0100
I would read your lease VERY CAREFULLY, sometimes there are provisions within the lease that allow you to break the lease if the occupancy rates of the mall fall below a certain percentage.
I have personally operated shopping centers and drafted many of the lease agreements with retailers.
I would be happy to take a look at your lease for you for a small fee and give you what options are available to you.
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