"Well, @stayer, closing unprofitable stores is a good thing"
Sure, but it costs money to close stores. And the largest cost relates to settling the lease liabilities (Remember the lease liabilities? Those significant things whose existence you, until yesterday, failed to acknowledge?)
"From my understanding TRS hold very very favourable lease agreements, for example i know of a particular store in my location, that was untenented for quite some time, and along came TRS, and negotiated very favourable rental conditions for themselves."
The negotiated rentals can be as favourable as they like, (or as you claim your sample of 1 suggests), but that doesn't change the fact that there are $295m of them.
As for the term I introduced to you, viz. "lease-adjusted gearing" get used to it, 'cos its a concept that you are going to come across a lot in the next 12 months.
Alternatively, you can stick your fingers in your ears and squeeze your eyes tightly shut in the cosy belief that if you can't hear or see the problem, then it ceases to exist.
(20min delay)