Staples recently informed landlords that it will not pay April rents for its U.S. stores, even though the locations remain open, Axios has learned.
Why it matters: Commercial landlords are stuck in a tightening vise, forgiving or deferring payments from shuttered tenants while still needing to meet their own mortgage obligations.
Staples, whose private equity owner Sycamore Partners took out a $1 billion dividend last year, is only making a bad situation worse.
A billion dollars worth of avocado toasts.