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New York Court Allows J.Crew to Shutter Under Terms of Mall Lease Despite Continuous Operations Provision
Malls across America, long suffering even before the rise of COVID-19, are now forced to confront a wave of store closures that will inevitably result from current economic and social factors (including social distancing). Troubled retailers will, without doubt, seek to close their failing mall locations. To stem these efforts, landlords have applied to courts for injunctive relief to force stores to remain open and operating, despite lagging sales, through the enforcement of the "continuous operations provision" found in mall leases.
Recently, on May 1, 2020, a New York appellate court issued a decision in Eastview Mall, LLC v. Grace Holmes d/b/a J.Crew and J.Crew Group in which it vacated a preliminary injunction designed to force J.Crew, a retailer in a Victor, New York mall, to remain open under the terms of this provision, in part due to the existence of a liquidated damages provision contained in the parties' lease. In vacating the preliminary injunction, which reversed the July 2018 ruling of a lower court that preliminarily enjoined J.Crew from closing, J.Crew was freed from a restraint on its ability to shutter the store.
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Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
Judge Rules Shaquille O'Neal Will Face Securities Lawsuit for Promotion, Sale of NFTs
A federal district court in Miami, FL, has ruled that former National Basketball Association star Shaquille O'Neal will have to face a lawsuit over his promotion of unregistered securities in the form of cryptocurrency tokens and that he was a "seller" of these unregistered securities.
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Blockchain Domains: New Developments for Brand Owners
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Coverage Issues Stemming from Dry Cleaner Contamination Suits
In recent years, there has been a growing number of dry cleaners claiming to be "organic," "green," or "eco-friendly." While that may be true with respect to some, many dry cleaners continue to use a cleaning method involving the use of a solvent called perchloroethylene, commonly known as perc. And, there seems to be an increasing number of lawsuits stemming from environmental problems associated with historic dry cleaning operations utilizing this chemical.