Lileo, the high-end fashion and lifestyle shop in the Distillery District, has been shuttered. While we're admittedly a little late to the news, a sign affixed to the front doors dated March 31 indicates the closure was due to rent not being paid. The amount owing is $713,886.
Those who remember Toronto before the current incarnation of the Distillery will likely recall Lileo as one of the high profile, founding retailers of the made-over neighbourhood. Home to hard-to-find and high-end men's and women's fashion brands, the expansive store seemed to struggle to draw shoppers outside of their seasonal up to 70% off sales.
Perhaps it's surprising they lasted this long but a closer look at the lease termination notice gives some hints why. The letter from landlords Cityscape Holdings and Dundee Distillery District suggests Lileo was given numerous extensions to pay up. And why not? Whatever you thought of Lileo, its financial troubles don't do much to suggest the area can be a boon for retailers.
Like most lease terminations the one here seems to have been sudden and unexpected. The shop remains a time capsule with inventory neatly dispersed among the many shelves and racks within. Livia, the salad and juice bar that operated inside the store, is also no longer in business.
Will you miss Lileo? Are you surprised by the closure? Let us know in the comments.
by Staff via blogTO
No comments:
Post a Comment