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In recent weeks, tech giant Apple has joined the ranks of retailers that have asked landlords for a rent cut on their UK stores, impacted as they have been by closures during lockdown. With its demand for reductions of up to 50%, first reported by The Sunday Times, Apple joins a list of companies that could pay the rent they signed up for, but are choosing not to.
But unlike many retailers, restaurants and leisure operators, Apple’s balance sheet is in good shape. Its demands throw a light on the nuanced but tense negotiations ongoing between UK landlords and some of the world’s biggest corporations.
Just how solid is Apple’s balance sheet? At the end of June, it had $194B of cash or cash equivalents, much of it parked in tax havens. In April, May and June, it made an $11B profit, ahead of analyst expectations, because online sales of its products remained strong.Apple declined to comment…
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