The retailer alleges that Principal hindered its attempt tosublease the space and reneged on its promise to arrange along-term lease for the space. The company also alleges that Zellerhurt Video Update's relationship with its main lender by falselyrepresenting its financial condition.
Principal officials could not be reached for comment, and Zellerofficials declined comment.
Earlier this week, the St. Paul-based video rental chain hiredKeen Realty LLC to organize a bankruptcy auction of the leaseholdson about a fifth of its 586 stores, 119 of its retailsites.Specific locations were not available yet because VideoUpdate is still revising the list, says Chris Mahoney, arepresentative of Keen Realty, based in Great Neck, NJ.
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