Foot Locker sees pandemic losses surge to €88,000

Pre-tax losses at the sports retailer Foot Locker, which failed in a High Court bid not to pay full rent for its Grafton Street store during some 253 days of pandemic-ordered closures, more than doubled to €88,000 in 2020.

Accounts filed by Foot Locker Retail Ireland Ltd show revenues at the business fell just 12 per cent in 2020 despite the lockdowns, though the loss for the year jumped by 166 per cent even after allowing for €280,000 received in Government Covid-19 wage supports.

The retailer operates seven stores in Ireland. Last December, the High Court rejected a claim that Foot Locker’s lease for its Grafton Street store was partially frustrated as a result of having to close due to the Covid-19 lockdowns.

Foot Locker accepted that rent for the Dublin store was only partially paid to landlord, Percy Nominees Ltd during the lockdown but said the landlord should share "some of the pain" caused by the closures because the lease had been partially frustrated.

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Foot Locker had asked the High Court to declare it had no liability for more than €500,000 in rent during the 253 days of pandemic-ordered closures.

Mr Justice Brian O’Moore ruled that the concept of partial frustration did not exist in Irish law and granted judgment to Percy Nominees for outstanding rent of just over €1 million.

The accounts show the business spent €150,000 on legal costs in 2020 though they don’t make reference to the High Court case.