A local retailer owes The Greene Town Center nearly $900,000 in past-due rent, other fees and court costs after defaulting on its five-year lease, a judge ruled last week.
The Greene filed a lawsuit in Greene County Common Pleas Court against tenant Griffin & Co. Home Decor, known as RM Underdog Rising in September 2017. The complaint states the retailer defaulted on its five-year lease last year.
Griffin & Co., a home decor and gift shop, announced in March 2017 that they would relocate to a space at 4392 Holly Drive at The Greene. The store had been located at the Town & Country Shopping Center since August 2014.
» TRENDING BUSINESS: Procter & Gamble to lay off hundreds in 2 cities
Last Friday, a judge ordered Griffin & Co. to pay $879,042.30 plus post-judgment interest; $5,123.45 in attorney fees and costs; and any additional court costs after the company failed to move within the time allotted by the court system.
The amount of accelerated rent, past due rent, late fees, re-letting costs, fees and cost to enforce the lease totaled approximately $884,165.76, according to court documents.
» BANKRUPTCY AND NEW STORES: 7 things we learned about retail this week
The complaint stated Griffin & Co. entered into a five-year lease at the center on March 13. The tenant’s minimum rent was $6,894.67 per month for the first three years, and $7,756.50 per month for the fourth and fifth years of the lease.
If the tenant failed to pay rent on time, the landlord could demand a late charge equal to 5 percent of the amount due each month until paid in full, and the tenant agreed to pay 1.5 percent interest rate on any unpaid amount, according to court documents.
The retailer, which sold country-themed home decor and other gifts, last paid rent in May. In August, The Greene notified the store that it was in default of its obligations under its signed lease agreement.
Officials for The Greene said they could not comment at this time. This news organization also attempted to call the owners of Griffin & Co., but the company phone number is already out of service and all store information has been taken off online.
FIVE FAST BUSINESS READS