Faced with the unprecedented threat to the restaurant industry posed by the COVID-19 Pandemic (“Pandemic”), restauranteurs were forced to lean on their legal counsel to help guide them to profitability by finding a legal and business sensible approach to managing their locations and employees. Whether it was governmental orders prohibiting or materially restricting operations, record unemployment leading to a decrease in discretionary spending, or the overall consumer unease with in-person dining, no restaurant or brand is wholly immune from the challenges the Pandemic is placing upon their bottom line and the livelihood of their business.
With a retail team entirely devoted to the sustainability and success of their clients, AGG became a trusted partner to this preeminent national pizza chain by: (i) taking the lead in lease negotiations with landlords, (ii) offering advice on the business and legal consequences and opportunities that influenced the approach and direction of the client’s executive team, and (iii) never shying away from counseling this client on the best approach to maximize profitability while ensuring that the strategy of the legal team would not jeopardize the relationships of the client with its existing and prospective landlords.
The AGG team successfully negotiated lease amendments memorializing millions of dollars of rental abatements and deferrals while recouping hundreds of thousands of dollars in tenant improvement allowances to date. Using a “business sensibility” approach to combat the adverse circumstances surrounding this client, their landlords, and respective lenders during the Pandemic, these short term results added long term value to the client, maintained amiable relationships with all parties involved, and enabled this client to continue its expansion efforts nationwide.