GameStop Among Latest Tenants to Exit Block E
The list of retail tenants that have exited the Block E development in downtown Minneapolis just grew longer, and a recent court decision suggests that the movie theater may be on its way out as well.
GameStop and Jewel Spa have closed their Block E locations, while the Mrs. Field's Cookies franchise has “temporarily suspended service” there, according to a report by the Downtown Journal.
Video game retailer GameStop reportedly closed in November, while salon Jewel Spa shuttered its Block E location in December. Many other tenants have exited the Block E development in recent years-including Borders, Bellanotte, Snyders Drug, GameWorks, Hooters, Applebee's, Panchero's Mexican Grill, and the Hard Rock CafÅ½.
Meanwhile, the AMC Theater in Block E has reportedly lost an appeal to extend its lease, which expires in September. Block E's owner claimed that AMC wasn't paying rent under the terms of its current lease, which calculates rent based on annual sales above $3 million. Court documents indicate AMC hasn't recently generated that much revenue.
The Eighth U.S. Circuit Court of Appeals in St. Paul upheld a previous court decision, which found that the landlord is not obligated to extend the lease.
Bob Lux, principal of Block E owner Alatus, LLC, has stated that the theater won't be asked to stay if the proposal to redevelop Block E into a casino moves forward, according to the Downtown Journal.