Intu the owners of the Trafford Centre and other shopping centres around the country are on the brink of going to administration.
The problems had been going on for sometime with finances, however with the lockdown it has made things even worse.
It looks likely the Trafford Centre will have to shut its doors until administrators sort things out, if they cannot then it could be closed until a buyer is found risking thousands of jobs, and thousands more in the supply chain.
The latest statement on the Intu website at midday said:
On 23 June 2020, intu properties plc (“intu”) provided an update on discussions with key stakeholders to progress its standstill strategy ahead of the revolving credit facility covenant waiver expiry at 11:59 p.m. this evening, 26 June 2020.
Since that update, discussions have continued with the intu Group’s creditors in relation to the terms of standstill-based agreements. Unfortunately, insufficient alignment and agreement has been achieved on such terms.
The Board is therefore considering the position of intu with a view to protecting the interests of its stakeholders. This is likely to involve the appointment of administrators.
A further announcement will be made as soon as possible.
Sadly Intu has gone into administration and thousands of jobs could go depending on how things go.