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What Happened: Like so many tenants affected by COVID-19, Saks Fifth Avenue stopped paying rent at its flagship New York City store. The landlord sued Saks’ parent company, the lease guarantor, for $2.7 million in unpaid rent. If these were normal times, we’d be liable for the tenant’s default, the guarantor acknowledged. But given the “unprecedented circumstances” of the pandemic, we didn’t breach the guaranty, it argued.
