Thomas Cook is reported to have started a wholesale review of ‘several hundred’ shop leases as part of its ongoing efforts to cut costs.
According to a report in today’s Metro newspaper, Cook is understood to be using a company called Rent Reform which specialises in renegotiating rents for retailers.
Rent Reform has achieved significant reductions in rental costs of up to 60% for companies including Subway, the report claims.
David Abrahamson of Rent Reform said: “Just 10% is no good, it’s got to be substantial to make it work.
“We’ve been delighted with the reaction of the majority of landlords who understand this is a short-term, sensible measure to save stores and jobs.”
A Cook spokesman said the move was designed to bring rents agreed five or six years ago in line with current levels.
And he added: “We want to ensure our retail business is operating as efficiently as possible.
“We’re committed to the high street and with a realistic review of market rental rates, we will ensure that we remain the country’s largest high street travel agent.”
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