Megabox Reduces Fees for Contractors and Tenants Amid COVID-19 Spread
[Asia Economy Reporter Lee Jong-gil] Multiplex Megabox announced on the 4th that it will reduce partnership fees and rents for consignees and tenants struggling due to the spread of the novel coronavirus infection (COVID-19). Fifty-eight consignees will receive benefits. Last month's fees will be reduced by 50%. Rental stores and subleased (re-leased) stores located in buildings owned by Megabox Jungang will also have their rent reduced by up to 30% for last month.
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Megabox has also introduced self-help measures to cope with the prolonged COVID-19 crisis. The management will voluntarily return 20% of their salaries starting this month. Headquarters employees will also switch to a four-day workweek. Megabox stated, “We sought practical measures to help those facing difficulties and prepared this response plan.”
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