FOX Group to stop paying rent for its stores starting April 1
The company own 700 stores nationwide, making it one of the largest clothing companies in Israel.
By JERUSALEM POST STAFFFOX shop in Jerusalem(photo credit: Wikimedia Commons)
FOX Group will stop paying rent for its stores starting April 1 and will continue to freeze payments until the coronavirus spread has calmed down. CEO and majority stockholder of the company Harel Wiesel was quoted as saying in Israeli media that the decision was made in an attempt to minimize financial damage, as sales have dropped dramatically during the coronavirus outbreak."We understand it’s a drastic step," Harel was quoted as saying in Israeli media.The company operates stores in Israel for several brands including FOX, FOX Home, Mango, Laline, Foot Locker, Nike, Urban Outfitters, Free People, Anthropology and The Children Place. FOX Group owns 700 stores nationwide, making it one of the largest clothing companies in Israel.The company also decided as part of its goal of becoming more efficient to cut the number of employees in each store. Large stores that normally have four employees on each shift have gone down to two and smaller stores that had two employees per shift went down to one.According to Israeli media, fashion industry sales fell by about 50% in recent days due to coronavirus concerns.
