Y. David Scharf Comments on Leasing Dispute between Saks Fifth Avenue and Cartier
October 8, 2018 – Morrison Cohen Partner Y. David Scharf was quoted in the article “Saks Fifth Avenue and Cartier Butt Heads over Flagship Renovation”, that appeared on October 4, 2018 in The Business of Fashion, the leading digital authority on the global fashion industry. David commented on the recent suit filed by the fine jewelry brand Cartier against the department store Saks Fifth Avenue for “breach and attempted termination” of their leasing agreement.
The leasing dispute is a result of the ongoing renovation of the flagship location of Saks Fifth Avenue where Saks plans to move Cartier's “shop-in-shop boutique” to the basement level in contradiction of Cartier's lease agreement.
Y. David Scharf, partner and chair in real estate loan work-outs, restructurings and foreclosures at Morrison Cohen, says that while such disputes are not uncommon, the fact that two name brand companies have not been able to find a mutually beneficial commercial solution to their disagreement is unusual. “It's of a scale that tends to show an irreparable breach in the relationship if they are resorting to this type of litigation,” he says.
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