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Finish Line Hopes for Big Rent Cuts

INDIANAPOLIS-The retailer is asking landlords to drop some rents from $20 per square foot to the high single digits.

By Debra Hazel | Updated on September 28, 2009

INDIANAPOLIS-With nearly 300 stores coming up for renewal through the end of 2010, the Finish Line is not just looking for rent cuts, but serious reductions from landlords to turn unprofitable stores into the black, executives said at the company’s second-quarter conference call.

About 40% of the company’s units are coming up for a lease renewal or possible kickout, and the company has in some circumstances seen rents decrease from the high teens or low $20s per square foot to high single digits.

“We’ve been finding the lease negotiations have been successful, helping to turn some losers into winners,” said Steven J. Schneider, president and COO. “We’re not looking for shavings here.”

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