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October 2, 2008

Restaurants find credit tight but leases improve

  • Landlords are holding rents steady and offering incentives like tenant improvement packages.
    • By LAUREN SHEPHERD
    AP Business Writer

    NEW YORK — While the credit crunch is making it hard for some restaurant companies to get loans to build new locations and renovate old ones, other chains are using the slowdown to secure better terms from landlords struggling to find viable tenants.

    “Landlords are being fairly aggressive now,” said David Litchman, chief executive of Pockets, a sandwich and salad chain based in Chicago. “Now we're getting many, many more deals come across the table.”


     
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