Intu who own huge shopping centres including the Trafford Centre are in serious financial difficulties and reports suggest if nothing improves in the next couple of weeks administrators will be brought in.
KPMG are on standby to take control of the shopping centre and they have the power to close the entire thing down resulting in thousands of job losses, although we think it is more likely the Trafford Centre will continue to operate until a buyer is found.
Intu properties is in debt to the tune of £4.5bn according to Sky News, already lenders have waivered convenant tests on its debts which expires on 26 June 2020, it seems the CEO of Intu is seeking an 18-month waiver, if he does not get this help then it will mean Intu cannot continue and the administrators will be called in.
The firm was already in some trouble before the pandemic was called, and will struggle to find anymore help, if nothing can be done it has been said the original owner of the Trafford Centre may step in and keep things running and then to find another buyer for the Trafford Centre.
Intu Trafford Centre itself will continue to operate for the time being as normal with social distancing, many retail stores will reopen on 15 June 2020 and footfall will start to increase from that date.