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AEON STORES (00984.HK) Terminates Lease of Kowloon City Plaza Store Early, Settlement Amt HKD52.99M
AEON STORES (00984.HK) announced that it has early terminated (on or before the 15th of this month) the lease for the Groups retail premises located on portions of 2/F, 3/F, 1/F a...
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AEON STORES (00984.HK) Terminates Lease of Kowloon City Plaza Store Early, Settlement Amt HKD52.99M
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AEON STORES (00984.HK)  +0.005 (+1.724%)   announced that it has early terminated (on or before the 15th of this month) the lease for the Groups retail premises located on portions of 2/F, 3/F, 1/F and 4/F of Kowloon City Plaza, and will vacate and return the premises to the landlord, Good Focus Holdings, before the original agreement expiry date (i.e. 31 July 2027). The Company is required to pay a total settlement amount of approximately HKD52.99 million.

The decision to enter into the termination agreement was primarily due to the Groups urgent need to optimise its store portfolio in response to its financial performance. The Kowloon City Plaza store is currently incurring substantial monthly basic rent and operating expenses of approximately HKD4.8 million.


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