Major consolation between Staples, Office Max, Office Depot. What happens to the landlords?
I can tell you there will be a lot of vacancy’s caused by the consolidation, as well it will trigger more vacancy other than the store locations as some other tenants have co-tenancy clauses. To make matters worse a lot of loans will be but into default, not only if they can’t make the payments. But owners run the risk of loans being put into default or have the servicers lock down the cash and cause a “trigger Period” because of a major tenancy clause in the loan documents, or lower debt service coverage ratios that the loan documents allow.