Reports of millions owed in rent
A judge has placed the Peace Bridge Duty Free shop into receivership as it faces millions in unpaid rent and debt.
Located at the border between Fort Erie and Buffalo, CBC reports that the shop owes up to $17 million in rent to its landlord, the Buffalo and Fort Erie Public Bridge Authority, and $3.3 million to RBC.
The Ontario Superior Court appointed a receiver to manage the shop’s assets and repay creditors.
Once a 24/7 operation with 90 employees, the store continues to operate amid a major downturn in cross-border travel that’s hurt duty-free businesses across Canada.
(Written by: Brandon Warby)