Local retailer owes The Greene nearly $900K in rent, fees


A local retailer owes The Greene Town Center nearly $900,000 in past-due rent, other fees and court costs after defaulting on its five-year lease, a judge ruled last week.

The Greene filed a lawsuit in Greene County Common Pleas Court against tenant Griffin & Co. Home Decor, known as RM Underdog Rising in September 2017. The complaint states the retailer defaulted on its five-year lease last year.

Griffin & Co., a home decor and gift shop, announced in March 2017 that they would relocate to a space at 4392 Holly Drive at The Greene. The store had been located at the Town & Country Shopping Center since August 2014.

» TRENDING BUSINESS: Procter & Gamble to lay off hundreds in 2 cities

Last Friday, a judge ordered Griffin & Co. to pay $879,042.30 plus post-judgment interest; $5,123.45 in attorney fees and costs; and any additional court costs after the company failed to move within the time allotted by the court system.

The amount of accelerated rent, past due rent, late fees, re-letting costs, fees and cost to enforce the lease totaled approximately $884,165.76, according to court documents.

» BANKRUPTCY AND NEW STORES: 7 things we learned about retail this week

The complaint stated Griffin & Co. entered into a five-year lease at the center on March 13. The tenant’s minimum rent was $6,894.67 per month for the first three years, and $7,756.50 per month for the fourth and fifth years of the lease.

If the tenant failed to pay rent on time, the landlord could demand a late charge equal to 5 percent of the amount due each month until paid in full, and the tenant agreed to pay 1.5 percent interest rate on any unpaid amount, according to court documents.

The retailer, which sold country-themed home decor and other gifts, last paid rent in May. In August, The Greene notified the store that it was in default of its obligations under its signed lease agreement.

Officials for The Greene said they could not comment at this time. This news organization also attempted to call the owners of Griffin & Co., but the company phone number is already out of service and all store information has been taken off online.

FIVE FAST BUSINESS READS

• Kroger sells off convenience store business for $2.15B

• Toys ‘R’ Us going-out-of-business sales start this week

• Move over, bitcoin. GE researching blockchain technology

• Elder-Beerman parent company says 60+ stores could close under plan

• German grocery chain Lidl halts plans to open local store



Reader Comments ...


Next Up in Business

Kettering manufacturing property sells for $2.15 million.
Kettering manufacturing property sells for $2.15 million.

The new home of machine tooling company Northwestern Tools in Kettering has sold for $2.15 million, Montgomery County property records show. The sale was recorded Wednesday, with Davis and Davis Tool identified as the seller and Siva Properties LLC named in records as the buyer. Brian Thomeczek, chief executive of the family-0wned company, said Friday...
Mercy Health merger: Facts and figures to know about the company
Mercy Health merger: Facts and figures to know about the company

Mercy Health, the largest health system in Ohio and one of the largest employers in the state, has announced it intends to merge with Bon Secours Health System, an East Coast-based health network. The merger will create one of largest health networks in the nation when the deal is finalized. Here are facts and figures about the company to keep in mind...
Dayton tech startup gets Silicon Valley shoutout
Dayton tech startup gets Silicon Valley shoutout

If you have worthwhile content, a sizable social media following and the vision to monetize all of that, then Arielle Jordan would like a word with you. Jordan, of Miamisburg, is the creator of Curafied, a new Internet platform that enables users to place what they believe is expert, valuable content behind a paywall for publication in a user-friendly...
New jobs, new stores and closings rocked local retail this week
New jobs, new stores and closings rocked local retail this week

Consumers are spending big in 2018. An improving economy kept January retail sales nearly as good as the holiday season’s strong showing. The National Retail Federation announced sales increased 5.4 percent in January compared to last year at the same time. READ MORE Bon-Ton Stores Inc., parent company of Elder-Beerman, is starting going-out-of-business...
Dayton web curating company gets Silicon Valley shoutout
Dayton web curating company gets Silicon Valley shoutout

If you have worthwhile content, a sizable social media following and the vision to monetize all of that, then Arielle Jordan would like a word with you. Jordan, of Miamisburg, is the creator of Curafied, a new Internet platform that enables users to place what they believe is expert, valuable content behind a paywall for publication in a user-friendly...
More Stories