Guess Breached $30M Lease For NY Store: Judge

Law360, New York (October 24, 2011, 3:49 PM EDT) -- A federal judge on Friday found that Guess Retail Inc.'s $30 million, 15-year lease for a Lexington Avenue store in New York was not properly terminated, granting summary judgment to the property's owner on the issue of liability in its suit alleging Guess abruptly exited the agreement.

Property owner and operator 720 Lex Acquisition LLC brought the suit after Guess rejected an invitation to begin moving into the building at 720 Lexington Ave. in May 2009, a year after entering a lease for the space, saying...
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